SINGAPORE - Elizabeth Towers, a freehold high-rise residential redevelopment site off Orchard Road, has been relaunched for sale by tender by marketing agent Knight Frank Singapore.

The owners have set a reserve price of $610 million, unchanged from their asking price in the earlier collective sale bid last year.

This translates to a land rate of about $2,416 psf ppr (per square foot per plot ratio) based on its current gross floor area (GFA) of about 23,452 sq m.

With the inclusion of a 7 per cent bonus balcony GFA subject to the authorities' approval, and a minimal development charge payable for the balcony area, the land rate will be lowered to about $2,297 psf ppr, Knight Frank said.

The property comprises two residential blocks of 80 apartment and maisonette units, sized between 185 square metres (sq m) and 417 sq m.

The site is zoned "residential" under the 2014 Master Plan, and spans 5,046.3 sq m, with dual access from Mount Elizabeth and Mount Elizabeth Link.

Orchard MRT station is also a six-minute walk away from the development. In addition, Anglo-Chinese School (Junior) is within one kilometre (km) from the site, while St Joseph's Institution Junior, Singapore Chinese Girls' Primary and St Margaret's Primary School are located within two km.

"Elizabeth Towers is a rare, choice corner 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. Coupled with its superb location, we are also confident the end product will be in strong demand, especially from owner-occupiers," said executive director and head of investment and capital markets at Knight Frank Singapore, Ian Loh.

The tender for Elizabeth Towers will close on Feb 26 at 3pm.