Saturday, August 04, 2012

Chateau Eliza tries for en bloc again

Knight Frank Singapore has re-launched the collective sale of Chateau Eliza, a prime freehold residential redevelopment site at Mount Elizabeth.
With a land area of 17,997 sq ft and a plot ratio of 2.8 under the 2008 Master Plan, Chateau Eliza comprises 37 residential apartments ranging from 829 to 3,337 sq ft. Its existing built-up gross floor area (GFA) of 52,887 sq ft works out to a gross plot ratio of 2.939.

The consultancy said the successful bidder may operate the site as a serviced apartment, subject to approval from authorities.

The property has a reserve price of S$108 million, which works out to a land price of S$2,042 psf ppr with no development charge.

With an additional 10 percent balcony space, the price translates to S$1,925 psf ppr, with a potential GFA of about 58,176 sq ft and a development charge of around S$4 million. The breakeven cost is expected to range between S$2,600 and S$2,650 psf.

“After the last unsuccessful tender exercise that closed in May this year, the Collective Sale Committee (CSC) had commenced a process to seek a written mandate from at least 80 percent of the owners to lower the current reserve price of S$108 million,” said Ian Loh, Director & Head of Investment at Knight Frank.

“To date 79 percent of the owners have agreed to lower the current reserve price, subject to five-days cooling off period.”

The residential site offers access to major arterial roads, shopping and entertainment amenities and several schools.

The public tender for Chateau Eliza ends on 14 August.

View the original article here

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