The off Orchard Road freehold condo, Chateau Eliza was sold for $92.2 million in the enbloc sale. Each sellers in the 37 units development are expected to receive from about $2 million to slight above $6 million.
The purchaser for this collective sale is Newfort Realty. The gross floor area is 52,887 sq ft which works out to a sold price of $1,743 psf ppr. This will be the most expensive collective sale based on psf ppr basis for a residential site. The last record was held by Westwood Apartments in 2007.
This site has a land area of 17,997 sq ft and the buyer for this site does not have to pay any development charge. The site has a plot ratio of 2.8 for residential use from the URA 2008 Master Plan.
This land parcel can yield more than 70 apartments of about 800 square feet each. The break-even cost is estimated to be from $2,400 to $2,500 psf.
The new development will be near to schools like Anglo-Chinese (Junior) and Anglo-Chinese (Barker Road), St Margaret's Primary and St Joseph's Institution.
26 Sep 2012