SINGAPORE (EDGEPROP) - Orchard Bel Air, a 99-year leasehold condo along Orchard Boulevard, has relaunched its collective sale tender. This comes about six months after residents launched a collective sale bid last July, pricing the development at $587.5 million.

This relaunch keeps the asking price unchanged. The price translates to about $2,620 psf per plot ratio (ppr) after factoring in an upgrading premium of $136 million for the lease top-up. After taking into consideration the 7% bonus gross floor area (GFA) allowed for balconies, the price slips to $2,551 psf ppr.

According to a press release by Knight Frank, the marketing agent for the collective sale of Orchard Bel Air, the site “has the potential to be redeveloped up to its existing verified GFA of approximately 276,298 sq ft at a gross plot ratio of 2.96”.

“There is immediate and direct access from the site to the newly opened Orchard Boulevard MRT Station. Its perfect location offers unobstructed panoramic views of the cityscape, making it one of the rare redevelopment sites available for sale in the land-scarce Orchard location,” says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore.

In the Orchard Boulevard area, the former Westwood Apartments, now redeveloped into the luxury 3 Orchard-by-the-Park, was sold at a land rate of $2,525 psf ppr in 2007, according to the press release. The nearby ultra-luxury development Park Nova sits on the site of the former Park House, which was sold for a record $2,910 psf ppr in 2018, it adds.

“There may not be another residential redevelopment site available for sale within this prestigious enclave in the near future, especially in the current climate, as owners’ concerns on replacement costs make it challenging to secure a mandate in any en bloc process,” says Chia. (See potential condos with en bloc calculator)

The relaunched collective sale tender for Orchard Bel Air closes on March 1.

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