Elizabeth Towers relaunched for en bloc sale at $610 mil reserve price

By
/ EdgeProp
|
January 22, 2019 2:53 PM SGT
The collective sale committee of Elizabeth Towers has relaunched their freehold condominium for collective sale with a reserve price of $610 million. The property was first launched for collective sale in June last year with the same reserve price. The tender closed on July 19 without any successful bids.
Elizabeth Towers (centre) has been relaunched again for collective sale (Picture: Knight Frank)
Located on Mount Elizabeth off Orchard Road, Elizabeth Towers sits on a 54,318 sq ft site and has a gross floor area of 252,438 sq ft. The reserve price translates into a land rate of $2,416 psf per plot ratio. The development comprises two blocks of 80 apartment and maisonette units ranging from 1,991 sq ft to 4,489 sq ft.
The site is zoned for residential use under the 2014 Master Plan, and has a redevelopment potential to reach a maximum height of 36 storeys, subject to approvals, says marketing agent Knight Frank Singapore.
ADVERTISEMENT
“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,” says Ian Loh, head of investment and capital markets at Knight Frank Singapore. He expects the new development to also attract strong demand from potential owner-occupiers.
The tender for Elizabeth Towers closes on Feb 26.