216-unit Fernwood Towers up for en bloc sale at $688m
10 Sep 18
Fernwood Towers in District 15 will be put up for en bloc sale at 12 September 2018 with an asking price of $688m or $1,540 psf ppr, ERA Realty revealed.
According to an announcement, the 216-unit freehold development built in the 1990s sits on a land area of approximately 148,963 sqft and is zoned for residential use with a gross plot ratio of 3.0 under the Master Plan 2014. With a 10% balcony bonus factored in, the land rate would be $1,400 psf ppr.
To maximise the plot ratio potential of 3.0, no development charge is payable. Subject to the relevant authorities’ approval, it can be redeveloped up to a gross floor area of 446,889 sqft, reflecting an equivalent plot ratio of 3.0.
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