Fortune Park makes second attempt at collective sale with S$115m indicative price

FORTUNE Park, a freehold residential block at 109 Tampines Road, has been put up for collective sale via a second public tender with an indicative price of S$115 million, said sole marketing agent ERA on Wednesday.

The 10-storey building was previously put up for sale in March with an indicative price of between S$115 million and S$118 million.

Spanning 44,878 square feet (sq ft), the site has a gross plot ratio of 2:1 and an achievable proposed gross floor area (GFA) of 94,244 sq ft, which works out to about S$1,140 per square foot after factoring a 7 per cent bonus GFA scheme incentive.

According to ERA, this means developers will not have to pay development charges, which were recently increased, because the value exceeds the development baseline.

The property can also be redeveloped to hold 103 apartments, up from its current 68, ERA added.

Fortune Park is located about 800 metres from Kovan MRT, and a short drive away from both the Central Expressway and Kallang-Paya Lebar Expressway.

Its tender will close on Sept 30, at 3.30pm.

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