The collective sale tender for freehold residential site Trendale Tower, which was put up for sale at a guide price of S$178 million, closed on Tuesday (Sep 13) without any bids.
The Business Times (BT) understands, however, that the sellers are in talks with some parties for private treaty negotiations.
The site was put up for sale by exclusive marketing agent Savills in August for S$178 million, which works out to S$2,386 per square foot per plot ratio after factoring in the 7 per cent bonus gross floor area (GFA) for balconies. The development charge payable for the 7 per cent bonus GFA is about S$6.4 million.
The development was previously put up for sale in May 2018 at a then reserve price of S$163.52 million, but there were no takers.
The building has a verified GFA of 72,691 square feet (sq ft) - or equivalent gross plot ratio of about 3.34 - and sits on a land area of approximately 21,708 sq ft. It is also zoned "residential" under the Urban Redevelopment Authority's 2019 Master Plan with an allowable gross plot ratio of 2.8 and has a height control of up to 36 storeys.
A pre-application feasibility study is also not required by the Land Transport Authority for the site redevelopment of up to 103 apartments.
Located in the prestigious Cairnhill enclave, Trendale Tower is a 20-storey development with 18 apartments of 298 square metres each (about 3,208 sq ft). Newton MRT station is in walking distance, while schools within a 1 km radius include Anglo-Chinese School (Primary) and EtonHouse International Pre-School.
Galven Tan, Savills' deputy managing director (investment sales and capital markets), had highlighted previously that the stock of high quality, luxury developments is "extremely low" and that developers could cater to this segment of buyers with the acquisition of Trendale Tower.
Other projects which recently saw their tenders close without a sale include 5 Oxley Rise and Oxley Garden. The owners of freehold 5 Oxley Rise were expecting offers in excess of S$300 million, and have gone on to conduct talks with a few parties in private.
Oxley Garden, which is adjacent to 5 Oxley Rise, was seeking a minimum price of S$200 million. BT understands the owners are planning a relaunch of their en-bloc sale.