By Yong Hui Ting
source: The Business Times
A FREEHOLD 10-storey residential block along Tampines Road has been put up for collective sale with an indicative price tag of between $115 million and $118 million, said its sole marketing agent ERA Realty Network.
Fortune Park, comprising 68 apartments, has a land area of 44,878 square feet (sq ft); its price per square foot (psf) works out to between $1,140 and S$1,170 after factoring a 7 per cent bonus gross floor area (GFA) scheme incentive.
The developer will not have to pay a development charge because of 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 property, and a proposed GFA of nearly 94,245 sq ft.
Sitting at 109 Tampines Road, Fortune Park is a short drive from the Central Expressway and Kallang-Paya Lebar Expressway.
The nearest MRT station, Kovan station, is 0.8 km away.
Schools in the 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 up for public tender, which will close at 2.30 pm on April 22.