SINGAPORE (THE BUSINESS TIMES) - Elizabeth Towers at Mount Elizabeth in Orchard Road has been put up for collective sale, with a reserve price of S$630 million.
The freehold residential site occupies a rare corner plot with a site area of 54,317.9 sq ft, according to sole marketing agent Edmund Tie & Company's press statement on Nov 22.
The reserve price takes into account the 7 per cent bonus balcony area and is priced at a land rate of about $2,400 per sq ft per plot ratio, which Edmund Tie calls "a compelling land rate".
Under the Urban Redevelopment Authority's (URA) Master Plan 2019, the site is zoned for residential use with a building height of up to 36 storeys, a gross plot ratio of nearly 4.7 and a gross floor area of 252,438 sq ft.
The tender will close on Dec 15 at 3pm.
Noting increasing demand in the past year for luxury homes, Edmund Tie expects "keen interest" from developers for the site.
Ms Swee Shou Fern, the executive director of investment advisory at Edmund Tie, commented that Elizabeth Towers offers "the best of convenience and exclusivity".
"This is a trophy corner plot offering the successful bidder a rare opportunity to create an ultra-luxury residential landmark in the heart of Orchard Road," she added.
Elizabeth Towers is centrally located in District 9, with nearby amenities such as Paragon, Ngee Ann City, Ion Orchard, Tanglin Club, The American Club, Mount Elizabeth Medical Centre, Singapore Botanic Gardens and Dempsey Hill.
Schools within 2km include Anglo-Chinese School (Junior), St Joseph's Institution Junior, Singapore Chinese Girls' School and St Margaret's Primary School.
According to data from the URA, as at Nov 22, units of Elizabeth Towers have transacted for between $4.5 million and S$5 million, at a unit price range from $1,467 to $1,701 per sq ft over the past 2 years.