SINGAPORE – Freehold residential property Elizabeth Towers off Orchard Road has been relaunched for collective sale via tender with a reserve price of S$630 million.
The 54,317 sq ft property, located at 12 and 14 Mount Elizabeth, was previously put up for en bloc sale for the same price in November 2021.
The sole marketing agent, Edmund Tie & Company, said in a press release on Monday (13 June) that the tender will close at 3pm on 25 July.
The site is zoned for “residential” use, with a building height of up to 36 storeys under the URA’s Master Plan 2019, and it can be redeveloped up to its verified existing gross floor area of 252,438 sq ft or at a plot ratio of 4.65.
After considering an eight per cent bonus floor area, the reserve price reflects a land rate of approximately $2,400 per sq ft per plot ratio.
Head of Investment Advisory at Edmund Tie, Swee Shou Fern said, “This is a trophy corner plot offering the successful bidder a rare opportunity to create an ultra-luxury residential landmark that reflects city living at its finest, in the heart of Orchard Road."
"On the back of the influx of wealth into Singapore where high-net-worth individuals seek diversification and exclusivity, and the number of freshly minted local millionaires and billionaires in recent years, we are confident that the future luxurious residential project will command a strong pool of interested investors and owner occupiers..." she added.
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