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News Release

Singapore

Chateau Eliza Sold at $92.2 million in Third En Bloc Tender Attempt


​SINGAPORE, 7 September 2012

Chateau Eliza, a 37-unit freehold residential development at Mount Elizabeth was successfully sold to Newfort Realty Pte Ltd, a consortium of private investors, in a deal which was inked this afternoon.

The collective sale owners were represented by marketing agent Knight Frank, with the buyers introduced by Jones Lang LaSalle, Singapore. 

This is the development’s third tender exercise within the past year. It was first put up for sale in December 2011, with a second try in May 2012 after attempting to lower their original reserve price. The vendors had launched their third tender exercise which closed last month.

This marks the 20th successful collective sale deal concluded this year in Singapore.

“Chateau Eliza has a land area of some 17,997 sq ft and has an existing Gross Floor Area (GFA) in the region of 52,887 sq ft,” says Ms Yong Choon Fah, National Director of Investments at Jones Lang LaSalle.

“The sale price of $92.2 million hence reflects a land rate of $1,743 psf per plot ratio (psf ppr) based on its existing Gross Plot Ratio of 2.939. If the developer were to build an additional 10% GFA for balconies, the sale price would hence translate to a land rate of $1,654 psf ppr,” adds Ms Yong.
 

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Notes to editors
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was highly commended in a further three countries. For further information, please visit www.joneslanglasalle.com.sg, www.jllresidential.com/sg 200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619