Located near Orchard Road, Park House carries a guide price of $308 million. (Photo: CBRE)
The en bloc fever shows no sign of abating with Park House and St Michael’s Condominium joining the bandwagon.
Located at the junction of Orchard Boulevard and Tomlinson Road, Park House carries a guide price of $308 million.
The price reflects a land rate of about $2,387 psf per plot ratio (psf ppr), or a lower $2,170 psf ppr after factoring in the 10 percent allowable bonus balcony space.
Measuring 46,084 sq ft, the freehold residential site has an allowable plot ratio of 2.8. No development charge is payable.
Marketing agent CBRE noted that the 56 apartment owners could receive at least $5 million from the sale, while the four shops could fetch at least $6.65 million.
Park House is located close to ION Orchard, Paragon, Four Seasons Hotel and The St. Regis Hotel. Camden Medical Centre and the Singapore Botanic Gardens are also nearby.
Given its prime location, CBRE capital markets managing director Jeremy Lake expects the site to attract eight to 10 bids from Singapore-based developers as well as those from China, Hong Kong and Malaysia.
“In the last few months the luxury residential market has come to life and developers are actively looking to buy prime sites and have been asking us if we have any sites in the pipeline,” he said. “The sale of the URA site on Cuscaden Road next door is likely to set a new high benchmark price when it closes on 26 April.”
Meanwhile, the owners of St Michael’s Condominium are expecting offers of at least $112 million for the 60-unit development, reported the Business Times.
The 35,665.4 sq ft freehold site off Serangoon Road has a maximum allowable gross floor area of around 99,863.2 sq ft. Subject to the relevant authorities’ approval, the site could yield 132 apartments of about 753 sq ft each, said marketing agent Teakhwa Real Estate.
The tenders for St Michael’s Condominium and Park House close on 23 May and 31 May respectively.
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