Fortune Park near Kovan MRT station up for collective sale at S$115-118m

FREEHOLD 10-storey residential block, Fortune Park, has been put up for collective sale with an indicative price tag of between S$115 million and S$118 million, said sole marketing agent ERA Realty Network.

Comprising of 68 apartments, the property has a land area of about 44,878 square feet (sq ft), which brings the price per square foot (psf) between S$1,140 and S$1,170 after factoring a 7 per cent bonus gross floor area (GFA) scheme incentive.

Additionally, developers will not have to pay a development charge, due to the existing high base line. The site has a gross plot ratio of 2:1, which ERA said will allow redevelopment into an 88-unit apartment and a proposed GFA of nearly 94,245 sq ft.

Fortune Park, at 109 Tampines Road, is a short drive away from both the Central Expressway and Kallang-Paya Lebar Expressway. The nearest MRT station, Kovan station, is located 0.8 kilometre away.

Schools in vicinity include Holy Innocents Primary/Secondary School, Serangoon Secondary School, Xinghua Primary School, Yuying Secondary School, DPS International School and Paya Lebar Methodist Primary/Secondary School.

Fortune Park is available via public tender, which will close at 2.30pm on April 22.