Chateau Eliza posh site gets relaunched for sale by tender

The 17,997-sq ft land currently comprises 37 residential apartments.

In a release, Knight Frank Singapore re-launched Chateau Eliza, a prime freehold residential redevelopment site along Mount Elizabeth for sale by tender. Chateau Eliza, located just off Orchard Road, has a land area of 17,997 sq ft. It currently comprises 37 residential apartments with unit sizes ranging from 829 sq ft to 3,337 sq ft.

Under the 2008 Master Plan, the land is zoned for Residential use with a plot ratio of 2.8. The current built-up gross floor area is 52,887 sq ft which works out to a gross plot ratio of 2.939. The site presents an opportunity for the successful bidder to operate as a serviced apartment subject to the approval from the relevant authorities.

The site enjoys easy access to other parts of the island via the Central Expressway and the main arterial roads of Orchard Road, Scotts Road and Paterson Road. Shopping and entertainment amenities are easily available at the vibrant shopping belt of Orchard Road.

Well-known and sought after schools within the vicinity include Anglo-Chinese School (Junior), Anglo-Chinese School (Barker Road), St Margaret’s Primary School, Singapore Chinese Girls’ School, St. Joseph’s Institution Junior and St. Joseph’s Institution. International schools located nearby include Chinese International School Singapore, ISS International School Elementary and Middle School, Chatsworth International School and EtonHouse International Pre-School (Orchard).

At the current reserve price of $108 million, it translates to a land price of $2,042 psf ppr based on the proposed gross floor area of 52,887 sq ft that a new development could be build on the site. No development charge is payable. With an additional 10% balcony area, it translates to $1,925 psf ppr, based on the potential GFA of about 58,176 sq ft with development charge of approximately $4 million payable. Breakeven cost is expected to be $2,600 psf - $2,650 psf.

“After the last unsuccessful tender exercise that closed in May this year, the Collective Sale Committee (CSC) had commenced a process to seek a written mandate from at least 80% of the owners to lower the current reserve price of $108 million. To date 79% of the owners have agreed to lower the current reserve price, subject to 5-days cooling off period,” says Mr Ian Loh, Director & Head of Investment, Knight Frank. “New residential apartments in the vicinity such as Helios Residences (freehold) and Scotts Tower (103-yeartenure) are mostly transacted in the range of $3,200 psf - $3,800 psf since the beginning of the year.

Chateau Eliza is probably one of the few high rise residential sites off Orchard Road where the Gross Development value is less than $200 million”, added Ian. The tender will close on 14 August 2012 at 3.00pm. Knight Frank is the sole marketing agent for the Collective Sale of Chateau Eliza.