Amidst uncertainty in the market, Grange Heights a freehold condo located in posh Orchard Road district are geared for collective sale according to Colliers International.
Grange Heights which is located along St Thomas Walk is slated to be launched at a reserve price of S$820 million.
Interestingly this is Grange Heights’ second attempt at collective sale and each owner in the property is expected to pocket S$5.24 million to S$10.76 million depending on their property size if the Sale goes through.
Going by the reserve price the land rate would translate to S$1,948 psf ppr which has been arrived at taking into consideration balcony bonus of 10%.
There is no development charges involved for intensifying land use. A property of 70s vintage Grange Heights comprises of 114 apartments, maisonettes and also includes 6 large penthouses.
The sizes for the units vary between 1,884 sq ft and 4,575 sq ft. As per the Master Plan of 2014 this site falls under a Residential Zone.
Colliers International estimated that upon redevelopment the site can have maximum 36-storied structure with maximum GFA of 420,964 sq ft.
According to the them, it estimates the site can yield potential of 388 units considering them to be 1,033 sq ft average size.
The tender for this site shall close at 3:00 PM on 29th of October.
Another prime freehold property is also up for sale in the collective sale market is Cairnhill Astoria. Which happened that Colliers International also the marketing agent handling the sale.
The freehold site which located in Cairnhill Rise set their reserve price at S$196 million. This will be their second attempt after their 1st launch in May didn’t meet any success.
The last hope of any en bloc sale in September will be The Regalia which tender close on Sept 25. The freehold site which is near to upcoming Great World MRT set the price at S$403 million.