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Landmark Tower up for collective sale with S$285m reserve price
LANDMARK Tower, an apartment complex along Chin Swee Road, has been put up for collective sale by tender, marketing agent JLL said on Monday. The owners have a reserve price of S$285 million, but are expecting in excess of S$300 million for the site.
At the reserve price, the unit land rate is about S$1,400 per square foot per plot ratio (psf ppr) after factoring in the lease top-up premium. No development charge or differential premium for the intensification of the site is payable up to its "as-built" gross plot ratio (GPR).
The 99-year leasehold complex built in the mid-1980s, comprising 139 units in a single 38-storey apartment block, is located next to the Pearl's Hill City Park. Under the Urban Redevelopment Authority's (URA) 2014 Master Plan, the 60,821 square feet site is zoned "Residential" with a GPR of 3.7.
JLL said that based on past reply from the URA, the development has an "as-built" GPR of around 4.014. It may be redeveloped to accommodate a high-rise apartment development.
The site within a three to five-minute drive to Orchard Road and the central business district, and an eight to 10-minute walk to two major MRT interchanges - Outram Park MRT Interchange and Chinatown MRT Interchange. In addition, River Valley Primary School is also within one kilometre from the development.
The tender closes on May 17 at 2.30pm.