Owners of Elizabeth Towers have launched the freehold high-rise residential site for collective sale at a reserve price of $610 million, according to marketing agent Knight Frank Singapore.

Elizabeth Towers is a private residential estate comprising two residential blocks of 80 apartments and maisonette units ranging from 1,991 sq ft to 4,488 sq ft, and has a site area of 54,318 sq ft. The site has dual access from Mount Elizabeth and Mount Elizabeth Link.

The reserve price reflects a land rate of about $2,416 psf per plot ratio (ppr). Due to the high as-built gross floor area (GFA) of 252,438 sq ft and development baseline of 262,811 sq ft, no development charge is payable for the site’s redevelopment to the GFA of 252,438 sq ft.

However, with the inclusion of a 10% bonus balcony GFA, the land rate will be reduced to approximately $2,265 psf ppr. This is subject to the authorities’ approval.

The site is zoned “residential” with a gross plot ratio of 2.8, and can be redeveloped to a maximum height of 36 storeys, subject to approval.

In mid-May, a joint venture between niche luxury developer SC Global Developments and two Hong Kong-listed property groups, namely Far East Consortium International and New World Development, won the 99-year leasehold residential site at nearby Cuscaden Road with a bid of $410 million ($2,377 psf ppr). This smashed all records for a residential government land sale.

“This is the first trophy land parcel to be launched for tender in the heart of Orchard, for the current collective sale cycle beginning 2017. The Cuscaden Road government land sale which recently closed its tender in mid-May with nine bids demonstrates that developers are looking to purchase prime sites,” says Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.

The tender for Elizabeth Towers will close on July 19.