Elite Building sold en bloc for $52 mil

/ EdgeProp
September 11, 2017 12:07 PM SGT
Credit: ET&Co
Edmund Tie & Co. (ET&Co), the sole marketing agent of Elite Building, announced that the freehold property was sold at a collective sale via a public tender exercise for a reported $52 million, or about $1,242 psf. All 16 strata unit owners have agreed to the collective sale.
The buyer is Tabernacle Church and Missions, who will reportedly relocate its corporate office into the building. The transaction is expected to be complete in November. The sale price is lower than the owners’ original asking price in February of $55 million. A second collective sale in late-June also did not achieve the price sought.
According to the URA Master Plan 2014, the land is zoned ‘Residential/Institution’, with a plot ratio of 2.8, and a building height of up to 8-stories. ET&Co says that it understands that no development charge is payable in the event of redevelopment.
Located at 20 Aljunied Road and commanding a prominent 60m main road frontage, the property has a site area of approximately 14,272 sq ft, according to ET&Co. Elite Building is a six-storey building approved as a commercial school, with shops on the ground floor and carparking facilities in the basement level. It has an existing gross floor area of 41,866 sq ft, or an equivalent plot ratio of 2.93.