Elizabeth Towers in Orchard Area up for en bloc sale at $610m

It can be redeveloped into a 36-storey residential property.

The prime, freehold residential Elizabeth Towers off Orchard Road has been put up for en bloc sale with an asking price of $610m or a land rate of $2,416 psf ppr, its marketing agent Knight Frank Singapore said.

According to an announcement, Elizabeth Towers is a private residential estate comprising two residential blocks of 80 apartments and maisonette units ranging from 185 sqm to 417 sqm and has a site area of 5,046.3 sqm. The site is relatively regular, with dual access from Mount Elizabeth and Mount Elizabeth Link.

The site is zoned “Residential” with a Gross Plot Ratio of 2.8 under the 2014 Master Plan, with redevelopment potential to reach a maximum height of 36 storeys, subject to authorities’ approval.

It is within the immediate vicinity of retail malls, a premium hospital, hotels, landed homes and high-end condominiums, with Paragon Shopping Centre and Mount Elizabeth Hospital less than
200 metres’ walk from the development.

It is also near international and local schools like Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road), St. Joseph’s Institution Junior, St.
Joseph’s Institution, Singapore Chinese Girls’ Primary, and Secondary Schools, and St. Margaret’s Primary School.

Major arterial roads and expressways, such as the Central Expressway (CTE), Orchard Road, and Cairnhill Road provide connectivity to other parts of Singapore. Orchard MRT station is also a quick six minutes’ walk away.

With the inclusion of a 10% bonus balcony GFA, subject to authorities’ approval, and minimal development charge payable for the balcony area, the land rate is lowered to approximately $2,265 psf ppr.

Knight Frank Singapore executive director and head of investment and capital markets Ian Loh said, “This is the first trophy land parcel to be launched for tender in the heart of Orchard, for the current collective sale cycle beginning 2017. Elizabeth Towers is a rare, choice site for developers looking to build an iconic residential development in Singapore, and we believe it will attract strong interest from developers, given its positive site attributes. The Cuscaden Road government land sale which recently closed its tender in mid-May with nine bids demonstrates that developers are looking to purchase prime sites."

The tender for Elizabeth Towers will close on Thursday, 19 July 2018 at 3 p.m.

Elizabeth Towers is not the only large en bloc sale launched this week, as developers and homeowners are still looking to benefit from the recovery of the property market. Freehold residential site Spanish Gardens located in District 10's Farrer Road has been put up for a collective sale at an asking price of $882m.