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Landmark Tower up for collective sale with S$285m reserve price

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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.

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.

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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.