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Elizabeth Towers up for en bloc sale again at reserve price of S$610m

 
22 January 19 | The Business Times
by RACHEL MUI
 

Singapore

ELIZABETH Towers, a freehold high-rise residential redevelopment site off Orchard Road, has been relaunched for sale by tender by marketing agent Knight Frank Singapore.

The owners have set a reserve price of S$610 million, unchanged from their asking price in the earlier collective sale bid last year.

This translates to a land rate of about S$2,416 psf ppr (per square foot per plot ratio) based on its current gross floor area (GFA) of about 23,452 sq m.

With the inclusion of a 7 per cent bonus balcony GFA subject to the authorities' approval, and a minimal development charge payable for the balcony area, the land rate will be lowered to about S$2,297 psf ppr, Knight Frank said.

The property comprises two residential blocks of 80 apartment and maisonette units, sized between 185 sq m and 417 sq m. The site is zoned "residential" under the 2014 Master Plan, and spans 5,046.3 sq m, with dual access from Mount Elizabeth and Mount Elizabeth Link.

"Elizabeth Towers is a rare, choice corner site for developers looking to build an iconic residential development in Singapore, and we believe it will attract strong interest from developers, given its positive site attributes," said executive director and head of investment and capital markets at Knight Frank Singapore, Ian Loh.

The tender closes on Feb 26 at 3pm.