Knight Frank Singapore has announce today the launch of the sale of Elizabeth Towers by tender. The site is a prime, freehold high-rise residential redevelopment site off Orchard Road.
Elizabeth Towers is a private residential estate comprising two residential blocks of 80 apartments and maisonette units ranging from 185 sq m to 417 sq m, and has a site area of 5,046.3 sq m (approx. 54,318 sq ft). The site is relatively regular, with dual access from Mount Elizabeth and Mount Elizabeth Link.
The site is zoned “Residential” with a Gross Plot Ratio of 2.8 under the 2014 Master Plan, with redevelopment potential to reach a maximum height of 36 storeys, subject to authorities’ approval.
Within the immediate vicinity are a plethora of retail malls, a premium hospital, hotels, landed homes and high-end condominiums, with Paragon Shopping Centre and Mount Elizabeth Hospital less than 200 metres’ walk from the development. International schools and established local schools are a close drive away, with Anglo-Chinese School (Junior) within 1 km from the development, and Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road), St. Joseph’s Institution Junior, St. Joseph’s Institution, Singapore Chinese Girls’ Primary and Secondary Schools, and St. Margaret’s Primary School located within 2 km from the site.
Major arterial roads as well as expressways, such as the Central Expressway (CTE), Orchard Road and Cairnhill Road provide seamless connectivity to other parts of Singapore. Orchard MRT station is also a quick 6 minutes’ walk away.
The reserve price for Elizabeth Towers is S$610 million. Due to the high as-built Gross Floor Area (GFA) of 23,452.286 sq m and development baseline of 24,416 sq m, no development charge is payable for the redevelopment of the site to the GFA of 23,452.286 sq m, and this translates to a land rate of approximately S$2,416 psf ppr. With the inclusion of a 10% bonus balcony GFA, subject to authorities’ approval, and minimal development charge payable for the balcony area, the land rate is lowered to approximately S$2,265 psf ppr.
“This is the first trophy land parcel to be launched for tender in the heart of Orchard, for the current collective sale cycle beginning 2017. Elizabeth Towers is a rare, choice 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. The Cuscaden Road government land sale which recently closed its tender in mid-May with nine bids demonstrates that developers are looking to purchase prime sites.
“Given the superb location of Elizabeth Towers, we are confident the end product will be in strong demand, especially from owner-occupiers,” says Mr Ian Loh, Executive Director and Head of Investment and Capital Markets at Knight Frank Singapore.
The tender for Elizabeth Towers will close on Thursday, 19 July 2018.