ELIZABETH Towers at Mount Elizabeth in Orchard Road has been put up for collective sale, with a reserve price of S$630 million.
The freehold residential site occupies a rare corner plot with a site area of 54,317.9 square feet (sq ft), according to sole marketing agent Edmund Tie & Company’s press statement on Nov 22.
The current reserve price takes into account the 7 per cent bonus balcony area and is priced at a land rate of about S$2,400 per square foot per plot ratio (psf ppr), which Edmund Tie calls “a compelling land rate”.
The development consists of a pair of tower blocks with a total of 80 units. It has been offered for collective sale a few times before, with the last tender put out in 2019. At that time, the price tag was S$610 million.
According to data from the URA, as at Nov 22, units of Elizabeth Towers have transacted for between S$4.5 million and S$5 million, at a unit price ranging from S$1,467 to S$1,701 psf over the last 2 years.