Elizabeth Towers, an estate residential website located at 12 and also 14 Mount Elizabeth off Orchard Road, has actually been relaunched for collective sale through tender with a get price of $630 million.

The site was previously put on the collective sale market last November at the very same get price of $630 million. Prior to that, the proprietors had actually attempted cumulative sales in January 2019 and also June 2018, both times with a get rate of $610 million.

The Reserve Residences Is Located in the Heart of Holland Village Near the Beauty World Mrt Station and the Integrated Transport Hub

The Reserve Residences is located in the heart of Holland Village. It is near the Beauty World MRT station and the Integrated Transport Hub, providing connectivity to the rest of the city and the Eastern Region. House No 45 bus stops are also located nearby. There is easy access to the Pan Island Expressway and the National University of Singapore. However, the development’s location is not without its drawbacks. In terms of location, the development will be close to all amenities and transport links.

Beauty World The Reserve Residences will be a mixed development in the heart of Beauty World. It is scheduled to stand 36 stories high and will feature commercial space on the lower levels and residential units on the upper floors. The project is expected to offer unobstructed views of the Bukit Timah Nature Reserve and is adjacent to renowned schools and a bus interchange. Far East Organization is one of the developers.

The development is expected to complete in 2022. It will span 3.22 acres and include 845 residential units and public spaces. It will also include a business district, public transportation hub, and civic spaces. The project’s concept proposal was selected after a competitive bidding process conducted by the URA. The plan included site planning responses to the area’s tropical climate. The developer expects the final selling price to be S$2000 per square foot.

The current book cost of $630 million exercises to a land price of around $2,400 psf per plot proportion (psf ppr), according to Edmund Tie & Company, that has actually been appointed the exclusive advertising and marketing agent. The land price thinks about an 8% reward floor area.

Elizabeth Towers, finished in 1980, is an advancement comprising 2 blocks with a total amount of 80 apartment and also maisonette devices. The advancement rests on a 54,317 sq ft website zoned for household use with a building elevation of approximately 36 storeys. The site can be redeveloped as much as its existing gross floor area of 252,438 sq ft, or at a story proportion of 4.65.

The advancement is located 200m away from Orchard Road in District 9, within close distance to shopping malls such as Paragon, Ngee Ann City and ION Orchard.

The website supplies “an unusual opportunity to produce an ultra-luxury domestic landmark”, states Swee Shou Fern, head of investment advisory at Edmund Tie. Noting that high-end homes in District 9 and also 10 have seen strong getting demand, she believes the future development at the site will command a strong pool of buyers, both from investors also owner-occupiers.

The tender for Elizabeth Towers will close on July 25 at 3pm.