http://www.businesstimes.com.sg/arch...-public-tender

Published July 04, 2012

Landmark Tower up for public tender


A PRIME 99-year leasehold residential site was launched for public tender yesterday.

Landmark Tower, located on Chin Swee Road, has a site area of about 60,821 square feet and is zoned "residential" under the 2008 Master Plan. The development, comprising 38 floors and a 360-degree view of the Singapore skyline, also boasts a plot ratio of around 4.014 based on the property's existing gross floor area (GFA).

Consultants say the property is likely to be warmly received at an indicative price range of $280-288 million, though that excludes a $42 million cost to top up the lease to 99 years.

Factoring that in, the indicative prices for the plot would translate to around $1,315-1,355 per sq ft per plot ratio (psf ppr), or $1,252-1,286 psf ppr should a developer choose to tap the 10 per cent bonus GFA for balcony space.

Set on elevated land, the site is conveniently located close to Chinatown and Outram Park MRT Stations as well as F&B and family amenities.

Said Galven Tan, associate director of Investment Properties at CBRE: "Landmark Tower possesses 'one-of-a-kind' attributes which we believe developers will be keen to evaluate. The concept of inner-city living has caught on and gained popularity in recent years, and this fringe central business district (CBD) location stands out. The view which this site offers is exceptional."

CBRE is the sole marketing agent for the tender, which closes at 3pm on Aug 7.