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Landmark Tower goes en bloc again, at lower price tag

by | Mar 29, 2008 | En-Bloc! | 0 comments

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.

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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.

About Kelvin

26 years and still counting, as a Personal Wealth Manager and part of the inaugural batch of Prestige Elite Advisors from AIA Affluent & High Net Worth Division, the certifications and accreditations have equipped me with the ability to partner Law Firms, Tax, Trust and Immigration Advisory Companies to offer their services to my clients.