High-rise residential site next to Pearl's Hill City Park - Landmark Tower launched for sale
SINGAPORE, 9 April 2018 – Landmark Tower, a collective sale site along Chin Swee Road, has just been launched for sale by tender by sole marketing agent JLL.
Built in the mid-1980s, the 99-year leasehold Landmark Tower comprises 139 units in a single 38-storey apartment block rising from an elevated site next to the Pearl's Hill City Park. Under the 2014 Master Plan, the 60,821 sq ft site is zoned 'Residential' with a gross plot ratio of 3.7. However, based on past reply from the Urban Redevelopment Authority, the development has an "as-built" gross plot ratio (GPR) of around 4.014. It may be redeveloped to accommodate a high-rise apartment development with stunning 360-degree unobstructed views of the city.
Being within a short three to five minutes' drive to Orchard Road, the Central Business District (CBD) and all hosts of amenities, the location appeals to both the locals and the expatriates alike. The site is 8 to 10 minutes' walk to two major MRT interchanges – Outram Park MRT Interchange and Chinatown MRT Interchange, which is very well connected to the city's public transportation networks. For families with young children aiming to enroll into a popular school, the River Valley Primary School is also within one km from the development.
"Landmark Tower is so centrally located that it is right smack in the middle of the old and the new parts of the town. It is close to the heritage areas of Chinatown and People's Park, the modern CBD at Raffles Place and the Marina Bay areas, the ever popular shopping and entertainment street of Orchard Road, the funky Robertson Quay and Clarke Quay, and last but not least the historic Tiong Bahru enclave is just around the corner," says Mr. Tan Hong Boon, Regional Director at JLL.
"The upcoming renewal plans for SGH Campus will also provide future residents with access to state-of-the-art medical services within close proximity to their homes," he added.
With easy accessibility to two major expressways, i.e. the CTE and the AYE, the city fringe site enjoys the all-round convenience to anywhere on the island.
The owners of Landmark Tower have a reserve price of $285 million but are expecting in excess of $300 million for their site.
At the reserve price, the unit land rate reflects at about $1,400 per sq ft per plot ratio (psf/pr) after factoring in the lease top-up premium. No development charge or differential premium for the intensification of the site is payable up to its "as-built" GPR.
At $300 million, the unit land rate reflects at about $1,474 psf/pr, still compared favourably with the recent collective sale of the 99-year Pearlbank Apartments located nearby, which achieved a unit land price of $1,515 psf/pr.
The tender for Landmark Tower closes on Thursday, 17 May 2018 at 2.30 p.m.
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JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 37,000 employees operating in 96 offices in 16 countries across the region. The firm won 23 awards at the International Property Awards Asia Pacific in 2017 and was named number one real estate investment advisory firm in Asia Pacific for the seventh consecutive year by Real Capital Analytics. www.ap.jll.com