Cavenagh Fortuna, a 26-unit, 29,095 sq ft freehold residential block located along Cavenagh Road opposite the Istana, has launched for sale at a guide price of $60 million.
Completed in the 1990s and comprehensively refurbished between 2014 and 2016 with a capital expenditure of approximately $6 million, the property comprises 13 one-bedroom, 10 two-bedroom and three three-bedroom units ranging from 570 sq ft to 2,282 sq ft.
Cavenagh Fortuna has maintained 98% average occupancy from 2021 to 2025, demonstrating sustained tenant demand across varying market conditions. The property enjoys strong appeal among both local and expatriate residents for its low-density living and convenience, says JLL, which is advising the seller.
Spanning a net lettable area of 23,089 sq ft and a gross floor area of 30,324 sq ft, the property offers investors a rare combination of capital preservation and predictable recurring income, underpinned by a demonstrable operating track record.
The guide price works out to approximately $2,599 psf on net floor area and $1,979 psf on gross floor area.
Cavenagh Fortuna is a short walk to The Centrepoint, which is linked directly to the Somerset MRT Station, and is within an eight-minute drive to the Central Business District.
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The surrounding area is well-served by established educational institutions, including the Anglo-Chinese School (Junior) and St. Margaret's Primary School, all within one kilometre, making the location particularly attractive to families and professionals seeking proximity to quality schools.
Located in District 9, the property’s strategic location and ownership structure position it as a legacy asset offering investors multiple repositioning pathways, says JLL in a June 4 announcement.
The development currently sits on two land lots, which the appointed solicitors Wee Swee Teow LLP (WST) are in the process of amalgamating into a single land lot held under one title. This consolidation will particularly appeal to owners seeking to hold multiple units within one development, according to JLL.
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“The title regularisation for Cavenagh Fortuna involves multiple steps given its history of compulsory acquisition, and the amalgamation of the two land lots is already underway concurrently with the sale process. We expect this to be completed within the next few months,” says Alan Tan, partner at WST.
Incoming owners may choose to retain the existing development and apply for a change of use to serviced apartments, which the Urban Redevelopment Authority (URA) may be eligible to consider, with the added flexibility of reconfiguring units to command stronger rental rates.
Alternatively, the site also presents a redevelopment opportunity under the Urban Redevelopment Authority’s 2025 Master Plan, as the site is zoned for Residential use. “Those seeking immediate income visibility may opt to engage a co-living operator or lease the units for stable recurring yield while awaiting future capital appreciation,” says JLL.
What makes Cavenagh Fortuna particularly attractive is the flexibility it offers, says Nicholas Ng, head of land and collective sales at JLL. “Incoming buyers can pursue redevelopment, convert to serviced apartments, engage a co-living operator, or simply lease for stable income; each pathway is viable depending on their investment horizon and risk appetite.”
With 26 units held under a single title, owners retain the flexibility to subdivide individual units, unlock capital progressively or preserve the asset intact across generations, adds Ng, making it a “versatile vehicle” for both income and long-term wealth objectives.
The expression of interest exercise will close at 3pm on July 15.
