The freehold development is located near Orchard Road and Somerset MRT station. (Photo: Colliers International)
Homeowners at Grange Heights have decided to relaunch the collective sale tender for the freehold development along St. Thomas Walk despite the softer market.
The reserve price remains unchanged from its second tender exercise in September at $820 million, revealed marketing agent Colliers International.
This translates to a land rate of $1,948 psf per plot ratio after taking into account the 10 percent bonus gross floor area. Given the site’s high development baseline, no development charge is payable.
“The owners are well-aware of the shift in market sentiment since the new cooling measures kicked in last July,” said Grange Heights’ collective sale committee chairman Ho Siew Lan.
“Therefore, we have agreed to keep the reserve price unchanged. We remain cautiously optimistic about the tender and draw confidence from Grange Heights’ competitive and realistic pricing as well as its exclusive location and superior site attributes.”
Comprising 114 apartments and maisonettes as well as six penthouses, Grange Heights occupies a 136,676 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 2.8.
The development is located near the Orchard Road shopping belt and Somerset MRT station on the North South Line.
“Come 2021, the completion of the Great World MRT station – which is just 250m from the site – will offer enhanced connectivity to the northern and eastern parts of Singapore via the upcoming Thomson-East Coast Line,” noted Colliers.
It added that the site is not subject to an average unit size of 85 sq m since it is located within the Central Area.
“This means the developer will be able to create a signature residential project that comprises a complimentary mix of modern format as well as larger apartments to cater to a wider group of buyers. Subject to approval from the authorities, the site can be redeveloped to offer up to 508 apartments of varying sizes,” it said.
The tender for Grange Heights closes on 11 March.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com