Owners of Landmark Tower expect more than $300 million for their collective sale
By Bong Xin Ying
/ EdgeProp Singapore |
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The 139-unit Landmark Tower located along Chin Swee Road has been launched for collective sale, with JLL as its sole marketing agent. The 33-year-old project sits on a 60,821 sq ft land area with a 99-year lease from 1980. The existing 38-storey tower sits on an elevated site next to Pearl’s Hill City Park.
Under the 2014 Master Plan, the site is zoned ‘Residential’ and has a plot ratio of 3.7. Based on URA’s past reply to enquiries, the development has an “as-built” of around 4.014. As such, it can be redeveloped into a high-rise apartment tower with unobstructed, 360-degree view of the city, says Tan Hong Boon, JLL regional director.
The 38-storey Landmark Tower overlooks Pearl's Hill City Park and commands panoramic city views (Credit: JLL)
Landmark Tower is within a five-minute drive to Orchard Road and the CBD. It’s an 8-10-minute walk to two MRT interchange stations, namely Outram Park (for the North-East and East-West Lines) and Chinatown (for the North-East and Downtown Lines). Top school River Valley Park Primary School is within 1km from the development.
What’s more, the project is near the heritage areas of Chinatown and People’s Park as well as Raffles Place and Marina Bay. It’s also within easy reach of the F&B and lifestyle enclaves of Robertson Quay and Clarke Quay as well as Tiong Bahru. The upcoming renewal plans for SGH Campus will mean “state-of-the-art medical services” nearby, adds JLL’s Tan.
The reserve price for Landmark Tower is $285 million, although the owners are expecting in excess of $300 million for the site. At the reserve price of $285 million, the land rate is about $1,400 psf per plot ratio (psf ppr), after factoring in the lease top-up premium. No development charge or differential premium is payable up to its “as-built” plot ratio. At $300 million, the land rate is about $1,474 psf ppr, which still compares favourably to the $1,515 psf ppr achieved at the leasehold Pearl Bank Apartments nearby.
The tender for Landmark Tower will close on May 17.
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