Grange Heights in St. Thomas Walk to be put up for collective sale at $820 mil

By EdgeProp Singapore / EdgeProp | September 17, 2018 11:40 AM SGT
The freehold development Grange Heights in St. Thomas Walk will be put up for collective sale via public tender for $820 million on 18 September.
The reserve price works out to a land rate of $1,948 per square foot per plot ratio (psf ppr) after factoring the 10% bonus balcony Gross Floor Area (GFA). No development charge is payable for the intensification of land use.
Grange Heights is centrally located within the River Valley planning area, an affluent residential district near the vibrant Orchard Road shopping street, which is lined with premier malls, top hotels and a myriad of food and beverage offerings.
According to Tang Wei Leng, Managing Director at Colliers International, which has been appointed as marketing agent, “The well-sized Grange Heights site presents the successful tenderer with an exciting opportunity to develop an upmarket, luxury residential development in the heart of a popular high-end residential district. Subject to relevant approvals, the redevelopment site can potentially yield 388 new units at average size of 1,033 sq ft each.”
Built in the mid-1970s, Grange Heights comprises 114 apartments and maisonettes as well as six penthouses with sizes ranging from 1,884 sq ft to 4,575 sq ft. The redevelopment site – spanning approximately 136,676 sq ft - is zoned ‘Residential’ and has a Gross Plot Ratio of 2.8 under the Master Plan 2014. Including the 10% bonus balcony GFA, the new development will have a proposed total Gross Floor Area of approximately 420, 964 sq ft and a building height control of up to 36 storeys.
The redevelopment site is within walking distance to the Orchard Road shopping district and is near the Somerset MRT station on the North-South Line. It is just 250 metres from the upcoming Great World MRT station on the Thomson-East Coast Line. The site is also well-connected to other parts of the island via the Central Expressway (CTE), Ayer Rajah Expressway (AYE) and the Pan Island Expressway (PIE).
A wide range of amenities can be found in the vicinity, including Cineleisure Orchard, *Scape, 313@Somerset, Orchard Central, Orchard Gateway, and Great World City. More lifestyle and...