FREEHOLD project The Beaumont has been relaunched for collective sale with a slightly lower guide price of S$468 million, versus the S$478 million price tag it bore when it was last put on the market in December 2021.
The new guide price works out to S$2,448 per square foot per plot ratio (psf ppr), said exclusive marketing agent Savills. There is a development charge of S$44.4 million. After factoring in the 7 per cent bonus gross floor area (GFA), the development charge will go up by S$17.3 million, and the price will dip to S$2,366 psf ppr.
Sitting on a 74,739 square feet (sq ft) site, the boutique development at 145 and 147 Devonshire Road comprises 64 units spread across a 5-storey and a 10-storey tower. It is zoned for residential use, with an allowable gross plot ratio of 2.8 and height control of up to 36 storeys. Its development baseline is around 171,792 sq ft, which the authorities have verified, Savills said.
"The height control of 36 storeys will ensure that the new units have unobstructed views towards Ngee Ann City and Orchard Residences. When the new development is launched for sale in 2 years, it would be highly sought after by wealthy foreign buyers," said Jeremy Lake, Savills' managing director of investment sales and capital markets.
Located in a cul-de-sac in the prime District 9, The Beaumont sits opposite TripleOne Somerset and is a 2-minute walk from Somerset MRT.
It is near medical facilities like Mount Elizabeth Hospital, Camden Medical and Paragon Medical, private clubs like Tanglin Club and The American Club, and the Singapore Botanic Gardens. Schools in the vicinity include River Valley Primary School, ISS International School and Chatsworth International School.
The tender closes at 3 pm on Sep 20.
When The Beaumont was put up for sale last December, it was just before the government rolled out property curbs to cool the market. At S$478 million, that guide price translated to S$2,496 psf ppr. After factoring in the 7 per cent bonus gross floor area (GFA) for the balconies, the price on a psf ppr basis worked out to S$2,410 psf.
Following the close of that tender on Jan 20, the development went into a 10-week private treaty period, which expired without an offer being made.
A number of en bloc hopefuls have been pushing on with sales attempts in recent months. Not far away, freehold project Oxley Garden took a stab at a collective sale in April, with a minimum guide price of S$200 million. That tender closed without any bids in June.
Just up the road from Oxley Garden, freehold landed site, 5 Oxley Rise, was also put up for sale in April. Marketing agent CBRE suggested at the time that it could draw offers of over S$300 million. The tender closed Jun 8, but The Business Times understands that talks are ongoing.
And over at Mount Elizabeth, freehold condominium High Point was put back on the market in March, with a reserve price of S$550 million. After initially winning an earlier tender, Hong Kong-based Shun Tak Holdings walked away from the en bloc deal last December, just days after the property measures were announced. The latest tender closes Jul 28.
Elizabeth Towers, which is also in the neighbourhood, was relaunched for collective sale last month iwith a reserve price of S$630 million. This follows an earlier attempt at the same price in November 2021.