Landmark Tower sold for $286 million
SINGAPORE, 18 May, 2018 – Landmark Tower, a leasehold 139-unit development at Chin Swee Road, has been sold to a joint-venture company (the "Purchaser"), by sole marketing agent, JLL. One of the joint-venture partners is a public listed company.
The 60,821 sq ft site is zoned "Residential", with an as-built plot ratio of 4.014. Located next to Pearl's Hill City Park, Landmark Tower offers 360-degree city views.
Less than 5 minutes' drive to Raffles Place, the site is bounded by the heritage precincts of Chinatown, People's Park, and Tiong Bahru Estate, as well as the modern and vibrant haunts in the Central Business District, Marina Bay, Boat Quay, Robertson Quay, Clarke Quay and Orchard Road. Landmark Tower is also located within 1km from River Valley Primary School.
Mr. Tan Hong Boon, Regional Director at JLL says: "The winning bid of $286 million translates to a land rate of approximately $1,406 psf per plot ratio after factoring in a lease upgrading premium of approximately $57 million. At this sale price, the owners would expect to receive gross sales proceeds between $1.6 and $4.9 million per unit", adds Mr. Tan.
Over 80 per cent of the owners have consented to the sale. The sale was subject to several conditions precedent, including an order of sale by the Strata Titles Board and the court, where applicable, as well as the Purchaser obtaining an Outline Planning Permission and approval for lease top-up to a fresh 99 years.
As the property is located within the Central Area (CA), there is flexibility in terms of the number of units and their sizes to be built, subject to approval from the relevant authority.
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