Freehold Mt Elizabeth condo sold for $92.2m

Freehold Mt Elizabeth condo sold for $92.2m

The freehold Chateau Eliza on Mount Elizabeth is being sold through a collective sale for $92.2 million to Newfort Realty Pte Ltd, a consortium of private investors.

The price works out to $1,743 per square foot per plot ratio (psf ppr), assuming Newfort redevelops the 17,997 sq ft plot into a new project that matches the existing development's gross floor area (GFA) of 52,887 sq ft.

The site can potentially be redeveloped into a boutique residential development comprising more than 70 apartments averaging 800 sq ft each. The breakeven cost is estimated to be between $2,400 and $2,500 psf.
As for Chateau Eliza, its existing GFA figure reflects a plot ratio of 2.939 - higher than the 2.8 plot ratio for the site under 2008 Master Plan. No development charge (DC) is payable if the new development is built up to the existing GFA.

However, if the developer were to build an additional 10 per cent GFA for balconies, taking the total GFA to about 58,176 sq ft, it would have to pay a DC of about $4 million, translating to a unit land price of $1,654 psf ppr based on Newfort's acquisition price.

Chateau Eliza currently comprises 37 residential apartments with unit sizes ranging from 829 sq ft to 3,337 sq ft.

With the sale, each Chateau Eliza apartment owner stands to receive gross sales proceeds of between $2.08 million and $6.26 million. The completion of the sale is subject to Strata Titles Board's approval.

Source: Business Times – 8 September 2012