SINGAPORE — Elizabeth Towers, a freehold high-rise residential development on Orchard Road, has been launched for sale at a reserve price of S$630 million.

Its marketing agent Edmund Tie & Company said on Monday (Nov 22) that this translates into a land rate of about S$2,400 per square foot per plot ratio when factoring in the 7 per cent bonus balcony area.

This is not the first collective sale attempt for the estate. Its most recent attempt was in 2019 at a reserve price of S$610 million. 

Completed in 1980, the 80-unit condominium with two residential blocks is in District 9 and a two-minute walk to Orchard Road.

In its immediate vicinity are Paragon and Ngee Ann City shopping centres and Anglo-Chinese School (Junior) is within 1km from the site.

It is a corner plot with a site area of 54,317.9sqf that has unobstructed views of the Orchard Road skyline and overlooks a three-storey landed housing estate.

The freehold land parcel that Elizabeth Towers stands upon is zoned for residential use under the Government's Master Plan 2019, with a building height of up to 36 storeys.

The site can be redeveloped up to its verified existing gross floor area of 252,438sqf or plot ratio 4.65.

Ms Swee Shou Fern, executive director of investment advisory at Edmund Tie, labelled the land parcel as a “trophy corner plot”.

Singapore’s luxury residential market has seen strong buying demand in the past year with notable transactions of luxury homes such as a 8,385sqf penthouse at Hilltops selling for S$33.5 million and a 3,057sqf apartment at The Ritz Carlton Residences going for S$15 million.

The tender for Elizabeth Towers closes at 3pm on Dec 15.