Elizabeth Towers launched for sale by tender at $610M reserve price

Elizabeth Towers, with dual access from Mount Elizabeth and Mount Elizabeth Link. (Photo: Knight Frank)

Elizabeth Towers, a freehold high-rise residential redevelopment site off Orchard Road, has been launched for sale by tender at a reserve price of $610 million.

The development comprises two residential blocks of 80 apartment and maisonette units of between 185 square metres and 417 sq m each, marketing agent Knight Frank Singapore said in a statement on Monday (21 January).

This translates to a land rate of about $2,416 per square foot per plot ratio (psf ppr) based on its current gross floor area of about 23,452 sq m. With the inclusion of a 7 per cent bonus balcony GFA, subject to authorities’ approval, and a minimal development charge payable for the balcony area, the land rate is lowered to about $2,297 psf ppr.

Among the amenities near the development are Paragon Shopping Centre and Mount Elizabeth Hospital, and schools such as Anglo-Chinese School (Junior) and St. Joseph’s Institution.

The site is zoned “residential” under the 2014 Master Plan, with redevelopment potential to reach a maximum height of 36 storeys, subject to approval.

The tender will close on Tuesday, 26 February at 3 pm.