Two redevelopment sites, 70 Shenton Way and Elizabeth Tower, have been launched for sale.
70 Shenton Way, which was acquired by a Roxy-Pacific-led consortium for S$148 million in April 2010, has been put on the market with an indicative price of S$270 million.
This works out to around S$1,583 psf, including an estimated development charge (DC) of S$6.93 million and another S$56.72 million for topping up the site’s lease to 99 years from the balance term of 58 years.
Located in the Central Business District (CBD) area, the property comprises a 17-storey office tower and a four-storey podium with an existing gross floor area (GFA) of 210,729 sq ft.
Property consultancy group DTZ, which is marketing the property, said the site has been approved for commercial-cum-residential development with a maximum height of 32 storeys and a plot ratio of 10.67.
According to The Business Times, DTZ noted that the unit land price for the site could be lowered to $1,534 psf ppr if the successful buyer is allowed to tap the maximum 10 percent bonus GFA for its residential component.
Meanwhile, Elizabeth Tower at Mount Elizabeth off Orchard Road has also been launched for sale, with a price tag of S$630 million.
Located in the heart of Orchard Road’s shopping belt, the property is zoned for residential development with a plot ratio of 2.8 and a maximum height of 36 storeys.
Based on this, the asking price of S$630 million for the property works out to around S$2,496 psf ppr, with no DC payable.
The tender for Elizabeth Tower and 70 Shenton Way sites will close on 22 and 23 June respectively.
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