A number of high profile development sites have been put up for sale by tenders in Singapore. The sites include an ultra-prime residential development, Elizabeth Tower, in the Orchard Road area and a Shenton Way commercial property. Elizabeth Tower off Orchard Road is considered one of the two dozen ultra-prime residential sites in the area and has been put up for collective sale with an asking price of S$630 million (US$509 million). The development has a land area of more than 54,000 sq ft, with 80 units sized at 2,000 sq ft to above 3,100 sq ft.
Talking to Today, marketing agent Credo Real Estate said Elizabeth Tower would be ideal for a new super-luxurious high-rise condominium. Residents stand to receive between S$6.3 million (US$5 million) and S$9.7 million (US$ 7.8 million), with penthouse owners pocketing at least S$14.2 million (US$11.5 million) from the sale. If redeveloped, Elizabeth Tower can become a 132-unit apartment building with an average size of 2,000 sq ft per unit. The tender will close in the afternoon on June 22.
The Shenton Way commercial development site comprises a four-storey podium and a 17-storey office tower with an existing gross floor area of 210,729 sq ft. It sits on a land area of 19,737 sq ft. DTZ, the marketing agent said that the property could be redeveloped into a 32-storey “commercial and residential” project at a plot ratio of 10.677.
The tender closes on June 23.
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