Posh residential site Chateau Eliza sold for $92.2 m

Newfort Realty acquires the 37-unit development.

According to a release, Knight Frank announced the sale of Chateau Eliza, a freehold development, to Newfort Realty Pte Ltd for $92.2 million.

“Based on the existing built up GFA of 52,887 sq ft, it translates to a land price of $1,743 psf ppr, making it the highest residential en bloc site to be sold in terms of psf ppr since Westwood Apartments. No development charge is payable. However, if an additional 10 per cent balcony area were to be included, it translates to $1,654 psf ppr, based on the potential GFA of about 58,176 sq ft with development charge of approximately $4 million payable,” says Mr Ian Loh, Head of Investment, Knight Frank Singapore, sole marketing agent for Chateau Eliza.

Chateau Eliza, which is 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 site can potentially be redeveloped into a boutique residential development comprising more than 70 apartments averaging 800 sq ft each. The breakeven cost is estimated to be between $2,400 and $2,500 psf.

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).

With the sale, each Chateau Eliza apartment owner stands to receive gross sales proceeds of between $2.08million and $6.26 million. The completion of the sale is subject to Strata Titles Board’s approval.