Elizabeth Towers (Photo: Edmund Tie & Company)
SINGAPORE (EDGEPROP) - Elizabeth Towers, a freehold residential site located at 12 and 14 Mount Elizabeth off Orchard Road, has been relaunched for collective sale via tender with a reserve price of $630 million.
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The site was previously put on the collective sale market last November at the same reserve price of $630 million. Before that, the owners had attempted collective sales in January 2019 and June 2018, both times with a reserve price of $610 million.
The current reserve price of $630 million works out to a land rate of around $2,400 psf per plot ratio (psf ppr), according to Edmund Tie & Company, who has been appointed the exclusive marketing agent. The land rate takes into account an 8% bonus floor area.
Elizabeth Towers, completed in 1980, is a development comprising two blocks with a total of 80 apartment and maisonette units. The development sits on a 54,317 sq ft site zoned for residential use with a building height of up to 36 storeys. The site can be redeveloped up to its existing gross floor area of 252,438 sq ft, or at a plot ratio of 4.65.
The development is located 200m away from Orchard Road in District 9, within close proximity to malls such as Paragon, Ngee Ann City and ION Orchard.
The site offers “a rare opportunity to create an ultra-luxury residential landmark”, says Swee Shou Fern, head of investment advisory at Edmund Tie. Noting that luxury homes in District 9 and 10 have seen strong buying demand, she believes the future development at the site will command a strong pool of buyers, both from investors as well owner-occupiers.
The tender for Elizabeth Towers will close on July 25 at 3pm.
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