Knight Frank is pleased to launch Chateau Eliza, a prime freehold residential redevelopment site along Mount Elizabeth, off Orchard Road for sale by tender.
Located in the prime district 09 of Orchard Road, Chateau Eliza has a land area of 1,672 sq m (approximately 17,997 sq ft). It currently comprises 37 residential apartments with unit sizes ranging from 77 sq m to 310 sq m. Under the 2008 Master Plan, the land is zoned for Residential use with a plot ratio of 2.8. The current built-up gross floor area is 4,913.374 sq m which works out to a gross plot ratio of 2.939. The site presents an opportunity to operate as a serviced apartment subject to the approval from the relevant authorities.
In the heart of Orchard Road, the site enjoys easy access to other parts of the island via the Central Expressway and the main arterial roads of Orchard Road, Scotts Road and Paterson Road. Shopping and entertainment amenities are right at the doorstep, with less than 5 minutes walk to the vibrant shopping belt of Orchard Road.
Well-known and sought after schools within the vicinity include Anglo-Chinese School (Junior), Anglo-Chinese School (Barker Road), St Margaret’s Primary School, Singapore Chinese Girls’ School, St. Joseph’s Institution Junior and St. Joseph’s Institution. International schools located nearby include Chinese International School Singapore, ISS International School Elementary and Middle School, Chatsworth International School and EtonHouse International Pre-School (Orchard).
At a guide price of $111m to $115m, it translates to a land price of $2,099 psf ppr to $2,174 psf ppr based on the proposed gross floor area of 52,887 sq ft that a new development could build on the site. No development charge is payable.With an additional 10% balcony area, the land price could be lowered to $2,009 psf ppr to $2,077 psf ppr, based on the potential GFA of about 58,176 sq ft. Breakeven cost is expected to be around $2,700psf - $2,800 psf.
The tender will close on 15 December 2011 at 3.00pm.
Knight Frank is the sole marketing agent for the Collective Sale of Chateau Eliza. |