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Park House launched for en bloc sale for S$308m

PARK House in Orchard has joined the en bloc frenzy - it was put up for sale by tender for a guide price of S$308 million.

This reflects a land rate of approximately S$2,387 per sq ft per plot ratio, or S$2,170 per sq ft per plot ratio after taking into consideration the 10 per cent bonus gross floor area allowed for balconies.

Owners at the 56 apartments, which are approximately 1,571 sq ft each, will receive at least S$5 million, while owners at the four shops, at about 1,528 sq ft each, will receive at least S$6.65 million, said marketing agent CBRE in a statement.

The 46,084 sq ft freehold site has an allowable plot ratio of 2.8. Development charges are not payable as the baseline plot ratio is equivalent to about 3.66, CBRE said.

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Located at the junction of Orchard Boulevard and Tomlinson Road, Park House is close to malls and hotels like Paragon, ION Orchard, The St Regis Hotel and Four Seasons Hotel, as well as the nearby Camden Medical Centre and Singapore Botanic Gardens. It was built about 50 years ago.

CBRE noted that the last very prime site sold was Cairnhill Mansion in February 2018, which was sold to Low Keng Huat for S$362 million - which equates to S$2,311 psf ppr before balconies and S$2,101 psf ppr with balconies. CBRE also brokered that deal.

Jeremy Lake, managing director at capital markets at CBRE, said he expects at least eight to 10 tender bids from developers both based here and overseas, such as Hong Kong, Malaysia and China.

"In the last few months, the luxury residential market has come to life and developers are actively looking to buy prime sites and have been asking us if we have any sites in the pipeline," he said. "The sale of the URA site on Cuscaden Road next door is likely to set a new high benchmark price when it closes on April 26."

The Park House tender will close at 3pm on May 31.