Prime properties up for sale by tender

An ultra-prime residential site in the Orchard Road area and a Shenton Way commercial property were put up for sale by tender yesterday.

Separately, units at an industrial property zoned for light industrial use were also launched for sale.

Elizabeth Tower, a residential property off Orchard Road, is up for collective sale with an asking price of S$630 million.

Considered one of the two dozen ultra-prime residential sites in the area, the development has a land area of more than 54,000 sq ft, with 80 units sized at 2,000 sq ft to above 3,100 sq ft.

Its marketing agent, Credo Real Estate, said Elizabeth Tower would be ideal for a new super-luxurious high-rise condominium.

Credo said residents stand to receive between S$6.3 million and S$9.7 million, with penthouse owners pocketing at least S$14.2 million from the sale.

Elizabeth Tower can be redeveloped into a 132-unit apartment building with an average size of 2,000 sq ft per unit.

The tender for Elizabeth Tower will close in the afternoon on the June 22.

Meanwhile, a Shenton Way commercial property belonging to Roxy-Pacific Holdings has also been put up for sale by tender. 70 Shenton Way is located about a three-minute walk from Tanjong Pagar MRT Station, said its sole marketing agent DTZ.

The property comprises a four-storey podium and a 17-storey office tower with an existing gross floor area of 210,729 sq ft. It sits on a land area of 19,737 sq ft.

DTZ added that the property could be redeveloped into a 32-storey “commercial and residential” project at a plot ratio of 10.677.

The tender for the property closes on June 23.

The new North Spring BizHub, located on Yishun Industrial Street 1, has also been launched.

North Spring BizHub is a seven-storey light and general industrial development with direct vehicular access to every level, which can accommodate 40-ft-long containers.

The industrial property was developed by Soilbuild Group Holdings.

The 60-year leasehold North Spring BizHub comprises a total of 454 units sized at 1,507 sq ft to 36,511 sq ft. Most units have a column-free layout, with a floor-to-ceiling height of 7m.

Units have a loading capacity of 12.5 kilonewton per sq m to 20 kilonewton per sq m.

Colliers International, the marketing agent for North Spring BizHub, said the property is suited for businesses from clean, light and general industries such as research and development, printing and publishing, engineering, warehousing and manufacturing.

Prices for North Spring Biz Hub start at S$478,000 or about S$311 per sq ft.

The temporary occupation permit for the property is expected in 2013.

Source : Today – 19 May 2011

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