Elizabeth Towers launched for collective sale for $630m
The 36-storey building is zoned for residential use.
Elizabeth Towers, located at 12 and 14 Mount Elizabeth is available for sale through public tender, with a reserve price of $630m, real estate consultancy firm, Edmund Tie & Company, said.
The public tender for the 36-storey building, which is zoned for residential area, will close on 25 July at 3 p.m.
According to Edmund Tie & Company, the property sits at a corner site of over 54,317 square feet (sq ft) and can be redeveloped up to its verified existing gross floor area of 252,438 sq ft or at a plot ratio of 4.65.
The reserve price for Elizabeth towers is on the back of an 8% bonus floor area which reflects $2,400 per sq ft plot ratio.
Swee Shou Fern, head of investment advisory at Edmund & Tie, said the successful bidder will have the opportunity to start an ultra-luxury residential landmark in the heart of Orchard Road amidst strong demand of the luxury residential market in Singapore.