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Three freehold plots up for sale

07 June 18 | The Business Times


THREE freehold plots, two of which are in prime districts, have been launched for sale, adding to the buffet of choice sites that developers looking to grow their landbanks can pick from.

Elizabeth Towers, the largest of the three, is a high-rise residential redevelopment in Mount Elizabeth in District 9 with a reserve price of S$610 million, which translates to a land rate of approximately S$2,416 per square foot per plot ratio.

The launch of the sale was announced on Wednesday by Knight Frank Singapore.

Comprising two residential blocks of 80 units ranging from 1,990 sq ft to 4,490 sq ft, it sits on a site area of about 54,318 square feet.

"This is the first trophy land parcel to be launched for tender in the heart of Orchard, for the current collective sale cycle beginning 2017," said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.

"We believe it will attract strong interest from developers, given its positive site attributes.

"The Cuscaden Road government land sale, which recently closed its tender in mid-May with nine bids, demonstrates that developers are looking to purchase prime sites."

Another collective sale site being launched is Gilstead Court in the Newton/Novena enclave. The 75,479 sq ft residential site, with JLL as its sole marketing agent, has a reserve price of S$168 million.

It consists of 24 apartments of 1,390 sq ft each and 24 apartments of 1,464 sq ft each, in three four-storey apartment blocks.

Tan Hong Boon, regional director at JLL Singapore, said: "We expect strong interest for this site due to the reasonable pricing, and owners are certainly expecting developers to compete for it and bid well in excess of their reserve price.

"At the owners' reserve price of S$168 million, it reflects a land rate of approximately S$1,590 psf per plot ratio. Factoring in the 10 per cent bonus balcony plot ratio, the effective land rate is only S$1,445 psf per plot ratio.

"As there is a high development baseline for the site, development charge is not payable for the proposed redevelopment, even with the additional bonus 10 per cent balcony GFA."

High rise redevelopments are not the only sites on offer. A 16,160 sq ft bungalow plot at 12 Broadrick Road, also marketed by JLL, is expected to fetch S$22 million to S$24 million, or S$1,361-S$1,485 psf on the land.

It is located about 10 minutes' drive from the CBD, 15 minutes from Changi Airport, and close to the future Katong Park MRT station.

Expression of interest for the bungalow plot closes on July 9. Tenders for Gilstead Court close on July 10 and for Elizabeth Towers, on July 19.