Trendale Tower En Bloc Sale Returns with S$168 Million Price
In Singapore’s competitive real estate landscape, Trendale Tower has re-emerged as a viable option for developers and investors. The site, located in the desirable Cairnhill neighbourhood, is being offered at an enticing guide price of S$168 million. This initiative marks another attempt by the owners to secure a collective sale after previous efforts met with challenges.
The property consists of an existing 20-storey block that houses 18 apartments. Covering an area of approximately 21,709 square feet, the site is designated for residential use and boasts a gross plot ratio of 2.8. Notably, the pricing translates to roughly S$2,248 per square foot based on plot ratio calculations that include a bonus gross floor area allowance for balconies.
Potential Development Opportunities
With its current zoning, Trendale Tower holds significant redevelopment potential. It could be transformed into either a new residential project or a long-stay serviced apartment complex under the Serviced Apartment 2 (SA2) scheme. Knight Frank Singapore has indicated that the Urban Redevelopment Authority (URA) supports this proposed SA2 use; however, such plans would require thorough approval through an outline planning permission application.
Market Interest and Stakeholder Insights
Melvin Chay, a senior director at Knight Frank Singapore, anticipates considerable interest from various segments including residential developers and private investors who may seek to maintain ownership of this freehold asset for both wealth preservation and ongoing rental income opportunities. Additionally, operators focused on serviced accommodation are likely to find value in this prospect given the growing demand for long-term stays.
A Look Back at Previous Sales Attempts
This isn’t the first time Trendale Tower has attempted to attract buyers through an en bloc sale. Its most recent listing was executed in December 2022 at the same reserve price of S$168 million following an earlier launch in August that year with a higher guide price of S$178 million—neither campaign resulted in successful sales. Prior to these efforts, there was also an unsuccessful attempt in May 2018 with a reserve price near S$163.5 million.
Surrounding Developments and Future Prospects
Tucked conveniently between Orchard Road and Newton, Trendale Tower benefits from proximity to vibrant shopping districts along with medical facilities and lifestyle amenities that are essential for urban living. Furthermore, the surrounding Newton precinct is undergoing transformative changes with plans for approximately 5,000 new homes across various areas including Newton Circus and Scotts Road.
The competitive nature of land tenders in nearby districts illustrates ongoing developer enthusiasm within this locale; notable recent bids include one on Bukit Timah Road which attracted multiple offers and concluded with HH Investment submitting the highest bid of S$566.3 million. Similarly, another parcel on Peck Hay Road saw City Developments Ltd team up with Hong Realty to win out against competitors by offering S$542.4 million.
Conclusion and Next Steps
The public tender process for Trendale Tower is set to conclude on October 23rd, presenting a timely opportunity for interested parties to engage in what could be a lucrative acquisition in one of Singapore’s notable districts.
Source: Original Article
