Elmira Heights joins others in collective sale market

DTZ Debenham Tie Leung has put Elmira Heights, a property off Newton Circus, up for collective sale.

The property has a site area of 108,550sqft. According to the Master Plan 2003, it can be redeveloped into a 30-storey condominium that is subject to a height control of 117 metres.

Along with the plot ratio of 2.8, it translates to the new development having a gross floor area of 303,939sqft. It could house around 171 residential units averaging 1,600sqft.

“Elmira Heights sits on high ground and is a very choice freehold site in the Newton area. It is a popular location for foreigners, in particular people from Hong Kong and Indonesia,” said Ms Tang Wei Leng, director for investment advisory services, DTZ Debenham Tie Leung.

She added: “It is relatively convenient and the beauty of it lies in its residential setting. We believe a high quality condominium can be built on the site and the units can be priced at or above $2,000psf. Accordingly, the land price works out to $302 million, reflecting $1,070psf per plot ratio.”

On top of that, a development charge of around $23.5 million is payable for maximising the allowable intensity to 2.8.

Elmira Heights is just a few minutes walk to the Newton MRT station. Besides being near Orchard Road and Scotts Road, it is also a 10minute walk away from Novena Hub.

With a total of 126 apartments in the freehold development, owners can expect an average of 30 to 40 per cent gains should the collective sale goes through.

The tender exercise for the collective sale closes on March 29 at 4pm.

Source: Weekend Today, 24 February 2007

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