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Grange Heights and Cairnhill Astoria near Orchard Road to take another stab at en bloc sale
TWO prime freehold residential sites in District 9 near Orchard Road will be offered again for collective sale on Sept 18, according to real estate service provider Colliers International.
They are Grange Heights in St Thomas Walk, which will be up for public tender for S$820 million, and Cairnhill Astoria in Cairnhill Rise, which relaunches with a S$196 million asking price.
This is the second attempt at collective sale by owners at Grange Heights. Depending on the size of their property, each owner can potentially receive between S$5.235 million and S$10.762 million from the successful sale of the development.
For Grange Heights, the reserve price works out to a land rate of S$1,948 per square foot per plot ratio (psf ppr) after factoring the 10 per cent bonus balcony Gross Floor Area (GFA). No development charge is payable for the intensification of land use.
The redevelopment site – spanning 12,697.7 square metres – is zoned residential and has a gross plot ratio of 2.8 under the Urban Redevelopment Authority's Master Plan 2014. The new development will have a proposed total GFA of 39,108.9 sq m and a building height control of up to 36 storeys.
The tender for Grange Heights will close at 3pm on Oct 29, 2018.
As for Cairnhill Astoria in Cairnhill Rise, the pricing of the site remains unchanged from the tender price when it was originally put on the market on May 17, 2018.
The owners’ reserve price reflects a land rate of S$1,933 psf ppr, after factoring the 10 per cent bonus balcony GFA and an estimated development charge (DC) of S$33.903 million following the latest revision to DC rates.
Sitting on a 3,587.5 sq m site, Cairnhill Astoria comprises 36 apartments across a high-rise residential tower and a low-rise block. Under the Master Plan 2014, the land parcel is zoned residential and has a Gross Plot Ratio of 2.8. Subject to relevant approvals from the authorities, the site can be redeveloped to offer about 150 apartments, based on an average unit size of 753 sq ft.
Depending on the size of their property, each owner at Cairnhill Astoria could potentially receive between S$2.275 million and S$14.261 million upon successful completion of the transaction.
The collective sale tender for Cairnhill Astoria will close at 3pm on Oct 17, 2018.