Located at 12 Mount Elizabeth, Elizabeth Towers is a freehold site that sits on a 54,317.9 sq ft land plot. Source: Google Maps
Elizabeth Towers located at Mount Elizabeth within Orchard Road has been put up for collective sale, with a reserve price of $630 million, revealed sole marketing agent Edmund Tie.
The price, which takes into account the 7% bonus balcony area, works out to a “compelling land rate” of about $2,400 per sq ft per plot ratio (psf ppr).
With an area of 54,317.9 sq ft, the freehold site in District 9 occupies a rare corner plot. It is zoned for residential use under the 2019 Master Plan with a building height of up to 36 storeys.
Edmund Tie noted that the site may be redeveloped “up to its verified existing gross floor area of 252,438 sq ft or plot ratio 4.65”.
A five-minute walk to Orchard and Somerset MRT stations, the site is near various amenities including Ngee Ann City, ION Orchard, Paragon, The American Club, Tanglin Club, Mount Elizabeth Medical Centre, Paragon Medical Centre, Dempsey Hill and Singapore Botanic Gardens.
The Anglo Chinese School (Junior) is within a 1km radius, while St Margaret’s Primary School, St Joseph’s Institution Junior and Singapore Chinese Girls’ School are within 2km from the site.
With this, the marketing agent expects “very keen interest” both from local and overseas developers.
“Elizabeth Towers enjoys an exceptional location nestled in the prestigious Mount Elizabeth residential enclave in the heart of the Orchard Road shopping and lifestyle hub, offering the best of convenience and exclusivity,” said Swee Shou Fern, Executive Director of Investment Advisory at Edmund Tie.
“This is a trophy corner plot offering the successful bidder a rare opportunity to create an ultra-luxury residential landmark in the heart of Orchard Road.”
The tender for Elizabeth Towers closes on 15 December.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected].