Enbloc News #2: Austral View sold for $81 million

By The Folks @PropTalk - May 31, 2011 No Comments

Austral View at Tanjong Rhu, on a 30,540sqft site, was sold for $81 million through a collective sale to a Chinese developer which last month picked up the adjacent Fortredale (click on below for our previous post about the collective sale for Fortredale).


Austral View’s sale is subject to approval from the Strata Titles Board. CB Richard Ellis brokered the sale of the property, which works out to $1,342psf ppr inclusive of an estimated Development Charge (DC) of slightly over $5 million. The unit land price is the same as that achieved for next-door Fortredale, which was transacted at $65 million.

If amalgamated, the two freehold sites will result in a total freehold land area of 53,560sqft – sufficient for a new condo development of about 108 units averaging 1,000sqft. Both the Fortredale and Austral View sites are zoned for residential use with a 2.1 plot ratio and 24-storey maximum height under Master Plan 2008.

Source: The Business Times


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