Orchard Road condo sold en bloc for $92m

$1,743 psf per plot ratio is highest since Westwood Apts in 2007

Published on Sep 08, 2012

By Yasmine Yahya

THE freehold Chateau Eliza off Orchard Road has been sold for $92.2 million in a collective sale.

The buyer of the 37-unit estate, Newfort Realty, is a newly set-up Singapore-based firm, said marketing agent Knight Frank.

Each owner stands to receive gross proceeds of between $2.08 million and $6.26 million.

Based on the existing built-up gross floor area of 52,887 sq ft, the sale price translates to $1,743 per sq ft per plot ratio (psf ppr).

This makes it the most expensive residential en bloc site on a psf ppr basis to be sold since Westwood Apartments in 2007.

However, the overall price tag is far below the $590 million that Thomson View condo attracted in a collective sale on Thursday.

Owners at this development are set to receive gross proceeds of between $1.62 million and $3.59 million - 30 to 40 per cent above prevailing market values.

The Thomson View site, along Upper Thomson Road, was bought by mainboard-listed developer Wee Hur Development and private-equity investment company Lucrum Capital.

For the Chateau Eliza site, which has a land area of 17,997 sq ft, no development charge is payable. The 37 apartments range in size from 829 sq ft to 3,337 sq ft.

Under the 2008 Master Plan, the land is zoned for residential use with a plot ratio of 2.8.

The site can potentially be redeveloped into a boutique development comprising more than 70 apartments, each averaging 800 sq ft, Knight Frank said.

The break-even cost is estimated to be between $2,400 and $2,500 psf.

The site, on Mount Elizabeth, is near the Central Expressway and the main arterial routes of Orchard, Scotts and Paterson roads.

Local schools close to the area include Anglo-Chinese (Junior) and Anglo-Chinese (Barker Road), St Margaret's Primary, the Singapore Chinese Girls' School, and St Joseph's Institution.

The sale completion is subject to approval from the Strata Titles Board.

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