Ardmore site up for en bloc sale at $471m

Property
Published December 12, 2006

Ardmore site up for en bloc sale at $471m
Asking price works out to record $1,500 psf per plot ratio


By UMA SHANKARI

ANDERSON 18, a prime freehold residential site in the Ardmore area, is up for collective sale to the tune of $470.8 million - or a staggering $1,500 per square foot per plot ratio (psf ppr).

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Anderson 18: If the asking price is met, the sale could be the largest en bloc offering in Singapore, both in absolute dollar value terms and in the price paid per square foot per plot ratio

If the asking price is met, the sale could well shape up to be the largest en bloc offering in Singapore, both in terms of absolute dollar value as well as in the price paid psf ppr, said Knight Frank, the property consultancy brokering the sale.

The price includes an estimated development charge (DC) of $43.9 million.

The 10,400 square metre site has a plot ratio of 2.8 and a maximum building height of 36 storeys. Any successful developer would be able to build about 149 units with an average size of 2,000 sq ft each, said Knight Frank.

'The recent improvement in take-up rate for high-end condominium developments on the back of the economic recovery should increase the site's attractiveness to developers,' said Knight Frank. 'In pricing the apartments, the developer will take the cue from the sale of similar developments such St Regis, The Tate Residences and Ardmore II.'

Based on this, the owners are asking for $426.9 million, excluding the DC.

Right now, Anderson 18 is a tower block of 71 residential apartments.

Owners stand to walk away with between $5.9 million and $6.1 million a unit, which translates to an en bloc premium of about 70 per cent.

The tender will close at 3pm on Jan 25.