Elizabeth Towers an advantageously located freehold residential estate has been launched for en bloc sale.
This District 9 freehold site which has access to Mount Elizabeth Link as well as Mount Elizabeth has been listed at S$610 million reserve price by the owners.
This was informed by Knight Frank Singapore, the marketing agent for the sale.
Elizabeth Towers is spread over an area of 54,318 sq ft and going by the reserve price of the property it would translate into a land rate of $2,416 psf ppr (per square foot per plot ratio).
This will come down to $2,265 psf ppr if the 10% balcony bonus is taken into account. The site falls under the residential zone as per the Master Plan.
Recently in May 2018, New World Development and Far East Consortium International listed in Hong Kong along with SC Global Developments acquired a residential site in Cuscaden Road which is nearby at the rate of $2,377 psf ppr.
This is the Highest Record so far for residential Government Land Sale(GLS).
The present site houses two tower blocks that have 80 apartment units and maisonettes where sizes range between 1,991 sq ft and 4,488 sq ft.
With 2.8 plot ratio it can be redeveloped into 36-storey block upon gaining necessary approvals.
The developers won’t have to bear any additional development charges for the property due to its high GFA that stands at 252,438 sq ft and 262,811 sq ft development baseline. It will leave a room for 252,438 sq ft GFA for the redeveloped property.
Elizabeth Towers address is at 12 Mount Elizabeth, in the heart of Popular Orchard Road.
The freehold site is located close to Cairnhill Plaza and Chateau Eliza, and few hundred meters from the Orchard Road that offers residents easy access to supermarkets, banks and restaurants.
3 MRT stations within 1-kilometre range which are Orchard MRT interchange (North South line & Thomson-East Coast Line Due 2021), the next 2 will be Somerset and Newton MRT.
There are a number of schools in the vicinity including Anglo-Chinese Junior School and the Raffles Girls Secondary School. It is less than a kilometre from the Orchard, Somerset and Newton MRT Stations.
Elizabeth Towers’ tender shall close on 19th July 2018.