Orchard Bel Air up for collective sale at $587.5 mil
Orchard Bel Air up for collective sale at $587.5 mil. According to a July 27 press release from exclusive marketing agent Knight Frank Singapore, Orchard Bel Air, a 99-year leasehold condominium at 245 Orchard Boulevard, has been launched for collective sale by public tender at a guide price of $587.5 million.
The $587.5 million price equates to a land rate of about $2,600 psf per plot ratio (psf ppr), plus a lease top-up upgrading premium of about $131 million. There is no need to pay a development fee. Taking into account the 7% bonus gross floor area allowed for balconies, this equates to approximately $2,526 psf ppr.
Orchard Bel Air was developed by UOL Group and completed in 1984, with a 99-year lease beginning in August 1980. The 25-story tower houses 70 residential units ranging in size from 3,208 to 3,251 square feet, as well as one 6,512 square foot penthouse. It is close to the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line. The development covers an area of approximately 93,126 square feet. The site has a gross plot ratio of 2.8 and a building height control of up to 36 storeys under the URA Master Plan 2019.
According to Chia Mein Mein, Knight Frank Singapore’s head of capital markets (land & collective sale), the site’s future development will have all the characteristics of a trophy asset. “Perfectly located next to One Tree Hill’s landed estate, the successful bidder can look forward to creating an iconic and ultra-luxurious landmark development with new homes soaring above the neighbouring developments with unobstructed views of the cityscape,” she says.
The site can be developed up to its existing verified gross floor area of 276,298 sq ft based on a gross plot ratio of 2.98. An estimated 128 new residential units with sizes averaging 2,153 sq ft could be developed, depending on layout and configuration, and subject to approval from the relevant authorities. A pre-application traffic impact study would not be required for the redevelopment.
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