Rare freehold redevelopment site near Orchard Road, Stevens MRT station, Singapore Botanic Gardens and renowned schools
Singapore, 15 May 2018 – Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services, is pleased to announce that freehold development Fernhill Court at 60 Fernhill Road will be put up for collective sale for SGD125 million via public tender on 16 May 2018.
The reserve price translates to a land rate of SGD1,885 per square foot per plot ratio (psf ppr), after factoring in a development charge of SGD3.7 million payable for the intensification of land use. This compares favourably against the land rate of SGD1,898 psf ppr achieved for the collective sale of Villa D’Este in Dalvey Road recently.
With 100% consensus from the owners already obtained, the successful tenderer will not be required to obtain an approval from the Strata Titles Board for the sale, and will be able to take possession of the site following the end of the vacant possession period.
Built in 1981, Fernhill Court – situated next to the Nassim Road, Dalvey Road and White House Park Good Class Bungalow (GCB) areas - is a rare redevelopment opportunity in the well sought-after District 10 within an easy stroll to Orchard Road.
Ms. Tang Wei Leng (邓慧玲), Managing Director at Colliers International, said, “We expect to see substantial interest in the Fernhill Court tender opportunity due to the scarcity of prime freehold redevelopment sites in the exclusive Fernhill/Orange Grove area and the palatable investment quantum. The site will allow the successful tenderer to create a luxury boutique development comprising 90 new homes with an average size of 750 sq ft.”
The site is a stone’s throw away from Singapore’s premier Orchard Road shopping belt, with glitzy malls offering everything from fashion staples to cutting edge couture. Steps away in the neighbourhood with an excellent range of top restaurants is the renowned Shangri-La hotel, often host to foreign heads of states and dignitaries, and consistently voted one of the best hotels in the world. Future residents will also be able to enjoy a wide range of amenities nearby, including the UNESCO World Heritage Site Singapore Botanic Gardens, the Singapore Chinese Girls’ School, Nanyang Primary School and Anglo-Chinese School (Barker Road).
Nearby Stevens MRT station on the Downtown Line – which will be connected to the upcoming Thomson-East Coast Line in 2021 - also provides easy access to well-known attractions including Fort Canning, Chinatown, Marina Bay Sands, Bugis, Little India and Botanic Gardens.
Meanwhile, the Central Business District is just a little over 10-minutes’ drive away owing to the site’s excellent connectivity to main roads and expressways such as Orchard Road, Stevens Road, Pan Island Expressway and Central Expressway.
Ms. Tang added, “Despite its proximity to the bustling Orchard Road, the Fernhill Court site enjoys the tranquil and refined atmosphere of an exclusive neighbourhood, thanks to its location next to GCB areas. There are also several embassies nearby - along Nassim Road and Tanglin Road - further adding to the prestige and exclusivity factor of the redevelopment plot.”
Fernhill Court comprises 18 maisonettes with sizes ranging from 2,271 sq ft to 2,982 sq ft. Each owner could stand to receive a minimum of between SGD6.32 million and SGD8.3 million from the successful sale of the development.
Mr. Yeo Jih-Shian (杨志贤), Chairman of the Fernhill Court Collective Sale Committee, said, “This is an extremely rare prime site with a unique combination of attributes: within walking distance to Orchard Road; near the MRT station; lush tranquil greenery adjacent to a large 170,000 sq ft conservation bungalow site; and within 1 or 2 kilometres of three top primary schools. With the Singapore luxury residential market recovering strongly and the scarcity of ultra prime freehold sites for sale, we are optimistic that it will attract significant interest for developers and investors to bid at prices that truly justifies the site’s unique attributes and location.”
“All of us love living here, waking up to birds chirping, with squirrels and birds outside our windows, yet with Orchard Road and the MRT a short walk away. It is like a hidden oasis within the city centre. We will have mixed feelings about having to move,” added Mr. Yeo.
Under the Master Plan 2014, the 4530.7 square metre (approximately 48,768 sq ft) site has no plot ratio indication and the building height is subject to detailed control. However, Outline Planning Permission has been submitted for a proposed residential development with a Gross Plot Ratio of 1.4, comprising a 5-storey block and a 2-storey block.
The collective sale tender for Fernhill Court will close at 3pm on 21 June 2018.