Landmark Tower on Chin Swee Road with 139 units has now been sold to a JV company at S$286 million, according to a release from JLL, who are the marketing agents for the property. It has also been learned that one of the JV partner is a company that is publicly listed in Singapore.
Including Landmark Tower, this will be the 6 enbloc sites sold in May and add up to a total of $9.5 billion in Collective Sales. It will reach $10 billion very soon.
This property comprising of 60,821 sq ft enjoys residential zoning with plot ratio of 4.0.
S$286 million, which is the winning bid, equals a land rate of about S$1,406 psf ppr, after considering the S$57 million payable towards premium for lease upgrade, according to estimates by regional director of JLL, Mr. Tan Hong Boon.
The price at S$1,406 psf ppr is a favourable comparison to S$1,515 psf ppr which was achieved by Pearl Bank Apartments acquired by CapitaLand in February 2018.
Landmark Tower has a 99-year leasehold and sits next to the Pearl’s Hill City Park, close to Pearl Bank Apartments. Residents of Landmark Tower enjoy a 360-degree view of the city because of the vantage location of the property.
Developers love this Enbloc site simply because tons of amenities that can be found within, beside that Mrt Stations is also walking distance. Central Business District and Marina Bay are short drive away.
The 33-year-old Landmark Tower was offered for collective sale on 10th April with its reserve price fixed at S$285 million, though the owners were expecting over S$300 million or S$1,474 psf ppr.
The present collective sale will put between S$1.6 and S$4.9 million for the owners depending on their holding, according to Tan from JLL.
33-yr old Landmark Tower in Singapore’s District 3 has been put up for collective sale, and although the property’s reserve price is S$285 million, the apartment owners are hopeful some developers could tender bids exceeding S$300 million.
The public tender for this property whose sale is being handled by JLL Singapore closes on May 17, 2018. Landmark Tower currently has 139 units.
The site where Landmark Tower sits is 60,821 sq ft in size, and the place has already been zoned residential as per the 2014 Master Plan.
The site, which is located along Chin Swee Road and next to Pearl’s Hill City Park, is on a 99-yr lease, and its gross plot ratio (GPR) is 4.0.
However, conditions are even better for the prospective developer, because, according to JLL, there is room to redevelop the site into another high-rise but at a GPR of around 4.014 based on the stipulations of the Urban Redevelopment Authority (URA).
Based on the property reserve price and the maximum allowed GPR, the land rate is around S$1,167 per sq ft per plot ratio (psf ppr).
However, this could rise to around S$1,400 psf ppr after taking into account the lease top-up premium.
Luckily, the new owner will not be required to pay any development charge.
One of the reasons that make the location of Landmark attractive is its accessibility. There are 2 MRT stations within walking distance which is –DT19 Chinatown and NE3 Outram Park.
It is also just a couple of minutes’ drive to the CBD, and there are a number of schools within a distance of around one kilometre. These schools include Outram Secondary, Inspiration Design and River Valley Primary Schools.
One of the popular destination in Singapore “Clarke Quay” is located near to the condo also.