Orchard Bel Air up for en bloc sale at S$587.5m

by Albert02

Orchard Bel Air up for en bloc sale at S$587.5m

Orchard Bel Air up for en bloc sale at S$587.5m. It is located just steps away from the upcoming Orchard Boulevard MRT Station, is up for public tender at S$587.5 million. The prime District 10 development has a land area of approximately 93,126 square feet and began its 99-year leasehold tenure in August 1980. (sq ft). According to the Master Plan 2019, it has a gross plot ratio of 2.8 and a building height control of up to 36 storeys.

After factoring in an upgrading premium of approximately S$131 million for the lease top-up, the guide price of S$587.5 million translates to a land rate of approximately S$2,600 per square foot per plot ratio (psf ppr). There is no development fee to pay. Taking into account the 7% bonus gross floor area allowed for balconies, this translates to about S$2,526 psf ppr. Orchard Bel Air was built in 1984 and has 71 residential units spread across 25 storeys. High-end residential developments, hotels, offices, and shopping malls in Singapore’s retail belt, such as Tanglin Mall, ION Orchard, and The Forum, are nearby.

According to Knight Frank, the site has the potential to be redeveloped into a high-end luxurious residential development up to its current verified gross floor area of around 276,298 sq ft, based on a gross plot ratio of 2.96. It stated that, depending on the layout and configuration, and subject to approval from the appropriate authorities, an estimated 128 new residential units averaging 200 sq m or 2,152 sq ft could be developed on the site. A pre-application traffic impact study would not be required for the redevelopment.

According to Knight Frank, Orchard Bel Air is unique in that it is located within a corridor of properties along Orchard Boulevard where 36-story buildings may be permitted under the Master Plan 2019. The majority of the other sites across the street from Orchard Bel Air have a height restriction of up to 20 storeys. “Although we have attempted to initiate the collective sale exercise in the past,” said Baldev Singh, chairman of the Orchard Bel Air collective sale committee, “this is the first time we have secured the 80 percent consensus mandate to launch the tender.”

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Source: https://www.businesstimes.com.sg/real-estate/orchard-bel-air-up-for-en-bloc-sale-at-s5875m

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