SINGAPORE (THE BUSINESS TIMES) - Freehold residential property Elizabeth Towers is up for collective sale again via public tender with a reserve price of $630 million, said sole marketing agent Edmund Tie & Company on Monday (June 13).

The property was previously put up for sale at the same price in November 2021.

Located at 12 and 14 Mount Elizabeth, the property sits on a site area of 54,317 sq ft.

The price takes into account an 8 per cent bonus floor area and reflects a land rate of approximately $2,400 per sq ft per plot ratio.

The site is zoned for residential use with a building height of up to 36 storeys under the Urban Redevelopment Authority's Master Plan 2019. It can be redeveloped up to its verified existing gross floor area of 252,438 sq ft or at a plot ratio of 4.65.

Elizabeth Towers is located within 200m of Orchard Road and is also a five-minute walk to both Orchard and Somerset MRT stations.

The real estate consulting firm noted that Elizabeth Towers is located in District 9, which saw strong buying demand in the luxury residential market in the first five months of the year.

"We are confident that the future luxurious residential project will command a strong pool of interested investors and owner-occupiers; what's more, at this strategic location," said Ms Swee Shou Fern, head of investment advisory at Edmund Tie.

The public tender exercise will close on July 25 at 3pm.