Knight Frank Singapore has re-launched the collective sale of Chateau Eliza (pictured), a prime freehold residential redevelopment site at Mount Elizabeth.
With a land area of 17,997 sq ft and a plot ratio of 2.8 under the 2008 Master Plan, Chateau Eliza comprises 37 residential apartments ranging from 829 to 3,337 sq ft. Its existing built-up gross floor area (GFA) of 52,887 sq ft works out to a gross plot ratio of 2.939.
The consultancy said the successful bidder may operate the site as a serviced apartment, subject to approval from authorities.
The property has a reserve price of S$108 million, which works out to a land price of S$2,042 psf ppr with no development charge.
With an additional 10 percent balcony space, the price translates to S$1,925 psf ppr, with a potential GFA of about 58,176 sq ft and a development charge of around S$4 million. The breakeven cost is expected to range between S$2,600 and S$2,650 psf.
“After the last unsuccessful tender exercise that closed in May this year, the Collective Sale Committee (CSC) had commenced a process to seek a written mandate from at least 80 percent of the owners to lower the current reserve price of S$108 million,” said Ian Loh, Director & Head of Investment at Knight Frank.
“To date 79 percent of the owners have agreed to lower the current reserve price, subject to five-days cooling off period.”
The residential site offers access to major arterial roads, shopping and entertainment amenities and several schools.
The public tender for Chateau Eliza ends on 14 August.
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