The freehold development Grange Heights in St. Thomas Walk will be put up for collective sale via public tender for $820 million on 18 September.
The reserve price works out to a land rate of $1,948 per square foot per plot ratio (psf ppr) after factoring the 10% bonus balcony Gross Floor Area (GFA). No development charge is payable for the intensification of land use.
Grange Heights is centrally located within the River Valley planning area, an affluent residential district near the vibrant Orchard Road shopping street, which is lined with premier malls, top hotels and a myriad of food and beverage offerings.
According to Tang Wei Leng, Managing Director at Colliers International, which has been appointed as marketing agent, “The well-sized Grange Heights site presents the successful tenderer with an exciting opportunity to develop an upmarket, luxury residential development in the heart of a popular high-end residential district. Subject to relevant approvals, the redevelopment site can potentially yield 388 new units at average size of 1,033 sq ft each.”
Built in the mid-1970s, Grange Heights comprises 114 apartments and maisonettes as well as six penthouses with sizes ranging from 1,884 sq ft to 4,575 sq ft. The redevelopment site – spanning approximately 136,676 sq ft - is zoned ‘Residential’ and has a Gross Plot Ratio of 2.8 under the Master Plan 2014. Including the 10% bonus balcony GFA, the new development will have a proposed total Gross Floor Area of approximately 420, 964 sq ft and a building height control of up to 36 storeys.
The redevelopment site is within walking distance to the Orchard Road shopping district and is near the Somerset MRT station on the North-South Line. It is just 250 metres from the upcoming Great World MRT station on the Thomson-East Coast Line. The site is also well-connected to other parts of the island via the Central Expressway (CTE), Ayer Rajah Expressway (AYE) and the Pan Island Expressway (PIE).
A wide range of amenities can be found in the vicinity, including Cineleisure Orchard, *Scape, 313@Somerset, Orchard Central, Orchard Gateway, and Great World City. More lifestyle and F&B options are also a short drive away in Clarke Quay and Robertson Quay. The site is also within 1-km from River Valley Primary School, and close to international schools such as ISS International School and Chatsworth International School (Orchard Campus).
Colliers’ Tang added, “The convenience of being near Singapore’s main shopping district and the allure of living in an upscale residential area – with a good public transport network - will remain appealing to many prospective home buyers. Recent new launches in nearby areas have seen relatively healthy sales, reflecting genuine demand for homes in the Core Central Region.”
Post cooling measures, which took effect on 6 July 2018 and based on caveats lodged as at 11 September, New Futura which is adjacent to Grange Heights has sold eight units, achieving an average selling price of about $3,533 psf; 120 Grange shifted two units at an average price of $3,137 psf, while Martin Modern in Martin Place moved 14 units at an average price of $2,786 psf.
Media reports also cited the sale of over 20 units at 8 Saint Thomas in a private preview in late August. About 85% of the sales were reportedly for one- and two-bedders, and 70% of buyers were locals and 30% were foreigners. According to caveats lodged as at 11 September, 18 units with sizes ranging from 441 to 1,152 sq ft have been transacted at an average price of $3,180 psf.
This is the second attempt at collective sale by owners at Grange Heights. Depending on the size of their property, each owner can potentially receive between $5.235 million and $10.762 million from the successful sale of the development.
The tender for Grange Heights will close at 3pm on 29 October 2018.
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