Elizabeth Towers off Orchard Road in District 9 has a reserve price of $610 million or $2,416 psf ppr. (Photo: Knight Frank Singapore)
The en bloc fever continues to heat up with two more freehold sites – Gilstead Court and Elizabeth Towers – launched for sale.
The owners of Gilstead Court in District 11 expect offers in excess of $168 million, which translates to a land rate of about $1,590 psf per plot ratio (psf ppr), said marketing agent JLL.
More: Developers’ En Bloc Appetite Diminishing: RHB
Factoring in the 10 percent bonus balcony plot ratio, the effective land rate is a lower $1,445 psf ppr. No development charge is payable for the site, making it “insulated from the half-yearly development charge rate revisions by the Chief Valuer, with the next hike expected on 1 September 2018,” said JLL regional director Tan Hong Boon.
Built in 1978, Gilstead Court comprises 48 apartments spread across three four-storey blocks. It sits on a 75,479 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 1.4.
Located within the Newton/Novena area, the site is close to Novena MRT station and the future Health City Novena.
A developer may potentially configure the site’s allowable gross floor area (GFA) of 116,237 sq ft up to 140 apartments, subject to the relevant authority’s approval, noted JLL.
Meanwhile, Elizabeth Towers off Orchard Road in District 9 carries a reserve price of $610 million or $2,416 psf ppr.
“With the inclusion of a 10 percent bonus balcony GFA, subject to authorities’ approval, and minimal development charge payable for the balcony area, the land rate is lowered to approximately $2,265 psf ppr,” said marketing agent Knight Frank Singapore.
Completed in 1980, the development comprises two residential blocks with 80 apartments and maisonette units. Zoned for residential use with a gross plot ratio of 2.8, the approximately 54,318 sq ft site can be redeveloped into a 36-storey project, subject to authorities’ approval.
A short distance from Orchard Road MRT station, Elizabeth Towers is near Paragon Shopping Centre and Mount Elizabeth Hospital. It is also close to various schools including Anglo-Chinese School (Barker Road), St. Joseph’s Institution and Singapore Chinese Girls’ School.
The tender exercises for Gilstead Court and Elizabeth Towers will close on 10 July and 19 July respectively.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
