Business Times – 26 Mar 2008
LANDMARK Tower, a 99-year leasehold residential site in Chin Swee Road, is up for collective sale again – this time with a lower asking price.
The property was first put on the market in July last year with an indicative price of about $300 million – but there were no takers.
That price worked out to $1,471 per sq ft per plot ratio (psf ppr), including a charge to top up the site’s remaining tenure to 99 years.
This time, the sellers are asking $270 million, which works out to $1,324 psf ppr, including a $28 million charge to top up the tenure.
No development charge is payable.
The 60,821 sq ft site has a 3.7 plot ratio that would give a developer a total gross floor area of 225,038 sq ft to play with.
‘The successful buyer can redevelop the site to accommodate a high-rise condominium development comprising 220 apartment units of about 1,000 sq ft each,’ said Ho Eng Joo, executive director of investment sales at Colliers International, which is conducting a public tender for the project.
‘With the recent success seen for the sale of state land, we are optimistic that this site – given its strategic location – will be highly attractive to developers and investors who are looking to secure a prime site on the fringe of the central business district,’ he said.
If the asking price is met, owners will get an en-bloc premium of about 70 per cent, Mr Ho said.
Landmark Tower is now a 38-storey residential development comprising 139 apartment and penthouse units.
The tender closes on April 15 at 3pm.