The owners of Landmark Tower have put the apartment complex in Chin Swee Road up for public tender with a reserve price of S$285 million, or about S$1,400 per square foot per plot ratio (psf ppr) after factoring in the lease top-up premium, the marketing agent for the sale, JLL, said on Monday (April 9).
The 99-year leasehold, 60,821 sq ft site, which comprises 139 units in a single 38-storey apartment block, has a gross plot ratio (GPR) of around of 3.7 and is located next to the Pearl’s Hill City Park.
It is also zoned for residential use under the Urban Redevelopment Authority’s (URA’s) 2014 Master Plan, with a gross plot ratio of 3.7.
JLL said: “However, based on a past reply from the URA, the development has an ‘as-built’ GPR of around 4. No development charge or differential premium for the intensification of the site is payable up to its ‘as-built’ GPR.” The site is in the proximity of Orchard Road, the central business district and Outram Park and Chinatown MRT stations, which also double as an interchange between MRT lines.
That said, the owners of Landmark Tower are expecting offers in excess of S$300 million or S$1,474 psf ppr for the site, JLL said.
In November 2017, the collective sale of Pearlbank Apartments, which is close to Landmark Tower, achieved a unit land price of S$1,515 psf ppr.