Owners of Landmark Tower expect more than $300 million for their collective sale

By
/ EdgeProp Singapore
|
April 10, 2018 2:26 AM SGT
The 139-unit Landmark Tower located along Chin Swee Road has been launched for collective sale, with JLL as its sole marketing agent. The 33-year-old project sits on a 60,821 sq ft land area with a 99-year lease from 1980. The existing 38-storey tower sits on an elevated site next to Pearl’s Hill City Park.
Under the 2014 Master Plan, the site is zoned ‘Residential’ and has a plot ratio of 3.7. Based on URA’s past reply to enquiries, the development has an “as-built” of around 4.014. As such, it can be redeveloped into a high-rise apartment tower with unobstructed, 360-degree view of the city, says Tan Hong Boon, JLL regional director.
The 38-storey Landmark Tower overlooks Pearl's Hill City Park and commands panoramic city views (Credit: JLL)
Landmark Tower is within a five-minute drive to Orchard Road and the CBD. It’s an 8-10-minute walk to two MRT interchange stations, namely Outram Park (for the North-East and East-West Lines) and Chinatown (for the North-East and Downtown Lines). Top school River Valley Park Primary School is within 1km from the development.
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What’s more, the project is near the heritage areas of Chinatown and People’s Park as well as Raffles Place and Marina Bay. It’s also within easy reach of the F&B and lifestyle enclaves of Robertson Quay and Clarke Quay as well as Tiong Bahru. The upcoming renewal plans for SGH Campus will mean “state-of-the-art medical services” nearby, adds JLL’s Tan.
The reserve price for Landmark Tower is $285 million, although the owners are expecting in excess of $300 million for the site. At the reserve price of $285 million, the land rate is about $1,400 psf per plot ratio (psf ppr), after factoring in the lease top-up premium. No development charge or differential premium is payable up to its “as-built” plot ratio. At $300 million, the land rate is about $1,474 psf ppr, which still compares favourably to the $1,515 psf ppr achieved at the leasehold Pearl Bank Apartments nearby.
The tender for Landmark Tower will close on May 17.