Tuesday, September 11, 2012

Mount Elizabeth apartment sold en bloc for S$92.2m

Chateau Eliza, a 37-unit freehold residential development located at Mount Elizabeth, has been sold en bloc to Newfort Realty for S$92.2 million.

The project was sold on its third attempt and is Singapore’s 20th successful collective sale deal this year. Each apartment owner stands to receive between S$2.08 million and S$6.26 million in gross sales proceeds from the deal.

Knight Frank represented the owners of the collective sale while Jones Lang LaSalle (JLL) represented the buyers. 

“Chateau Eliza has a land area of some 17,997 sq ft and has an existing gross floor area (GFA) in the region of 52,887 sq ft,” said Yong Choon Fah, National Director of Investments at JLL.



With a plot ratio of 2.8, the development comprises 37 residential apartments ranging from 829 to 3,337 sq ft.

“Based on the existing built up GFA of 52,887 sq ft, it translates to a land price of S$1,743 psf ppr, making it the highest residential en bloc site to be sold in terms of psf ppr since Westwood Apartments,” said Ian Loh, Head of Investment at Knight Frank Singapore.

He added that no development charge is payable for the sale.

“However, if an additional 10 percent balcony area were to be included, it translates to S$1,654 psf ppr, based on the potential GFA of about 58,176 sq ft with development charge of approximately S$4 million payable,” Loh said.

The site could be redeveloped into a boutique residential development featuring over 70 apartments averaging 800 sq ft. As such, the breakeven cost would range from S$2,400 to S$2,500 psf, said Knight Frank.

View the original article here

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