Elizabeth Tower up for en bloc sale

Elizabeth Tower, located in the heart of Orchard Road’s shopping belt, is up for en bloc sale at an asking price of S$630 million.

Marketing agent Credo Real Estate said the freehold development would be a perfect fit for a luxury homes branded developer.

The development has a land area of above 54,000 square feet, with 80 units ranging from just under 2,000 square feet to above 3,100 square feet.

As such, Credo said unit owners stand to receive minimum gross prices of between S$6.3 million and S$9.7 million, while the penthouse owners could walk away with at least $14.2 million.

Elizabeth Tower has been designated with a gross plot ratio of 2.8 under the Master Plan, but Credo said the Urban Redevelopment Authority (URA) has confirmed that the development baseline plot ratio is actually 4.84.

Gross floor area is around 278,000 square feet, including the additional 10 per cent gross floor area of balcony.

As such, Credo said the new development may be configured into 132 apartments with an average size of 2,000 square feet.

It added that Elizabeth Tower is part of the ultra-prime residential sites off Orchard Road where there are only two dozen sites.

In 2006 and 2007, there were 14 of such sites that were sold to developers, but since then, no sites had been put up for sale.

Observers said Singapore, with its booming economy and as the financial capital of the region, should see growth in luxury home prices.

Credo expects the break-even price to be at about S$3,000 to S$3,100 per square foot based on the asking price of S$630 million.

Some units at the nearby freehold The Ritz-Carlton Residences had fetched $3,762 per square foot, and $4,307 per square foot, in February.

The tender will close in the afternoon on June 22.

Source : Channel NewsAsia – 18 May 2011

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