Hawaii Tower, on Meyer Road, is expected to be launched for sale next week with an indicative price of $700 million, or approximately $1,401 psf ppr, including a $55 million development charge (DC).
The site, which sits on a 192,340 sq ft plot, is zoned for residential use with a gross plot ratio of 2.8 and a height of up to 36 storeys. It can be developed into a new condominium with approximately 430 units with an average size of 1,200 sq ft or 345 units averaging 1,500 sq ft.
Based on the $1,401 psf ppr land price, the breakeven cost could range between $1,950 psf and $2,100 psf. The all-in investment for the successful developer is expected to be around $1 billion.
CB Richard Ellis is marketing the property through a tender that will close on January 26.