Elite Building up for sale at $55 mil

By Michael Lim / The Edge Property | February 17, 2017 10:07 AM SGT
Elite Building, a freehold, six-storey building at 20 Aljunied Road, has been put up for collective sale by public tender. The indicative price for the building is $55 million, or around $1,313 psf, based on the GFA of 41,866 sq ft.
According to Edmund Tie & Co (ET & Co), the appointed marketing agent handling the collective sale, the three owners which own all 16 strata-titled units in the building have given their consent for the sale.
Elite Building, which sits on a site area of approximately 14,274 sq ft, has a prominent 60m main road frontage along Aljunied Road. Its use has been approved for a commercial school with shops on the ground floor and car park facilities in the basement. The property has an existing GFA of 41,866 sq ft, or an equivalent plot ratio of 2.93.
Based on the URA Master Plan 2014, the land is zoned “Residential/Institution”, with a plot ratio of 2.8 and building height of up to eight storeys. According to ET & Co, there is no development charge payable if the potential new owner chooses to redevelop the site.
The public tender closes on March 21.