The freehold development is located close to Orchard MRT station and Mount Elizabeth Hospital. (Photo: Knight Frank)
Elizabeth Towers, a freehold high-rise residential development off Orchard Road, has been relaunched for sale with a reserve price of $610 million.
The property was previously put up for collective sale in June at the same price.
More: Forget About Billion-Dollar En Bloc Sales, Say Experts
The price works out to a land rate of about $2,416 psf per plot ratio (psf ppr) based on its current gross floor area (GFA) of 23,452.286 sq m, revealed marketing agent Knight Frank Singapore.
With the inclusion of a seven percent bonus balcony GFA subject to the approval of authorities and a minimal development charge for the balcony space, the land rate will be lowered to around $2,297 psf ppr.
Comprising two blocks of 80 apartment and maisonette units, Elizabeth Towers occupies a 5,046.3 sq m site zoned for residential use under the 2014 Master Plan.
The development enjoys dual access from Mount Elizabeth Link and Mount Elizabeth and is located near Orchard MRT station as well as Mount Elizabeth Hospital and Paragon Shopping Centre.
It is also close to various educational institutions such as Anglo-Chinese School (Junior), Anglo-Chinese School (Barker Road), Anglo-Chinese School (Primary), St. Joseph’s Institution, St. Joseph’s Institution Junior, St. Margaret’s Primary School as well as the Singapore Chinese Girls’ Primary and Secondary Schools.
“Elizabeth Towers is a rare, choice corner site for developers looking to build an iconic residential development in Singapore, and we believe it will attract strong interest from developers, given its positive site attributes. Couple with its superb location, we are also confident the end product will be in strong demand, especially from owner-occupiers,” said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.
The tender for Elizabeth Towers closes on 26 February.
More: Understanding The En Bloc Process (August 2018)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg