The Hillpark and Chateau Eliza seek buyers in collective sale

Posted: 23 July 2007 2127 hrs

SINGAPORE : Owners of two prime properties are seeking buyers for their homes in a collective sale.

The Hillpark, located off Dunearn/University Road, and Chateau Eliza, along Mount Elizabeth, have been released for sale by Expressions of Interest.

Owners of The Hillpark have an indicative price of S$106 million to S$110 million.

Together with a development charge estimated at S$6 million, this translates to around S$1,365 to S$1,416 per square foot per plot ratio.

At this price, each owner stands to receive between S$4 million and S$4.2 million.

Credo Real Estate, which is brokering the sale, says a developer could redevelop the site into conventional bungalows or 31 strata detached houses.

The break-even price for a developer is S$5 million per unit, with the new homes expected to be sold at between S$5.8 million and S$6 million each.

The Hillpark is a large landed residential development spanning 77.646 square feet.

The property, built in the late 1970s, currently comprises 26 double-storey townhouses.

Meantime, Chateau Eliza is being put on the market with an indicative price of S$120 million.

This translates to $2,233 per square foot per plot ratio.

Under the 2003 Master Plan for the area, a 36-storey apartment block can be built on the site.

Chateau Eliza occupies a land area of nearly 18,000 square feet and currently has 37 apartments. - CNA/ch