Credit: Edmund Tie & Co
SINGAPORE (EDGEPROP) – Elizabeth Towers has been relaunched for collective sale at a reserve price of $630 million with Edmund Tie as the sole marketing agency.
Located on Mount Elizabeth off Orchard Road in District 9, Elizabeth Towers sits on a 54,318 sq ft site and has a gross floor area (GFA) of 252,438 sq ft. The development comprises two blocks of 80 apartment and maisonette units ranging from 1,991 sq ft to 4,489 sq ft.
Under Master Plan 2019, the freehold land parcel is zoned for residential use with a building height of up to 36 storeys. The site can be redeveloped up to its verified existing GFA of 252,438 sq ft or plot ratio 4.65.
Taking into account the 7% bonus balcony area, the reserve price translates to a land rate of approximately $2,400 psf per plot ratio (ppr).
The site is located within a two-minute walk of Orchard Road. It is also within a five-minute walk of Orchard and Somerset MRT Stations on the North-South Line.
According to Swee Shou Fern, Edmund Tie executive director of investment advisory, the relaunch of Elizabeth Towers for collective sale follows strong buying demand in the Singapore luxury residential market over the past year. Notable transactions this year include a 8,385 sq ft penthouse at Hilltops sold for $33.5 million or $3,995 psf in April; a 3,057 sq ft apartment at The Ritz Carlton Residences sold for $15 million or $4,907 psf in October; and a 12,077 sq ft penthouse at Les Maisons Nassim sold for $75 million or $6,210 psf, also in October.
The tender for Elizabeth Towers closes on Dec 15 at 3pm.