It was sold to a consortium of private investors, Newfort Realty, and was the development’s third tender attempt.

This is also the 20th successful collective sale deal concluded in Singapore this year.

With the sale, each apartment owner stands to receive gross sales proceeds of between S$2.08 million and $6.26 million.

The collective sale owners were represented by marketing agent Knight Frank, with the buyers introduced by Jones Lang LaSalle, Singapore.

According to Knight Frank, the 37-unit development has a land area of some 17,997 square feet (sq ft) and an existing Gross Floor Area (GFA) of 52,887 sq ft.

Ms Yong Choon Fah, National Director of Investments, Jones Lang La Salle said: “The sale price of $92.2 million hence reflects a land rate of $1,743 psf per plot ratio (psfppr) based on its existing Gross Plot Ratio of 2.939.”

She adds that if the developer were to build an additional 10% GFA for balconies, “the sale price would hence translate to a land rate of $1,654 psfppr.”

Source : Channel NewsAsia – 7 Sep 2012

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Its marketing agent Knight Frank said the17,997 square-foot property has a price guide of S$111 million to S$115 million.

It added that translates to a land price of S$2,099 per square foot per plot ratio (psf ppr) to S$2,174 psf ppr based on the proposed gross floor area of 52,887 sq ft.

There is no development charge to be paid. And with an additional 10 per cent balcony area, the land price could be lowered to S$2,009 psf ppr to S$2,077 psf ppr, based on the potential GFA of about 58,176 sq ft, the marketing agent said.

Knight Frank estimates the breakeven cost at around S$2,700 per square feet (psf) to S$2,800 psf.

Chateau Eliza is zoned for residential use with a plot ratio of 2.8.

It can be developed into serviced apartments subject to regulatory approval.

The site currently has 37 residential apartments with unit sizes ranging from 828.8 sq ft (77 sq m) to 3,336.8 sq ft (310 sq m).

The tender will close at 3pm on December 15.

Source : Channel NewsAsia – 14 Nov 2011

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