Chateau Eliza offered for collective sale again

Chateau Eliza offered for collective sale again

Chateau Eliza, a freehold residential re-development site along Mount Elizabeth, is back on the market after three failed collective sale attempts.
This time, the owners are looking to lower the current reserve price of $108 million further, said marketing agent Knight Frank.

"To date, 79 per cent of the owners have agreed to lower the current reserve price, subject to a five-day cooling off period."

Based on the current asking price of $108 million, this works out to about $2,042 psf per plot ratio (psf ppr) based on the proposed gross floor area (GFA) of 52,887 sq ft that a new development could build on the site. No development charge is payable.

With an additional 10 per cent balcony area, it translates to $1,925 psf ppr, based on the potential GFA of about 58,176 sq ft with a development charge of some $4 million payable.

The breakeven cost is expected to be between $2,600 psf and $2,650 psf.

Located just off Orchard Road, Chateau Eliza comprises 37 apartments of 829 sq ft to 3,337 sq ft, on a land area of about 18,000 sq ft. Under the 2008 Master Plan, the land is zoned for residential use with a plot ratio of 2.8.

The tender will close on Aug 14 at 3pm.

Source: Business Times – 3 August 2012