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 soon-to-be-opened Orchard Boulevard MRT Station, is up for public tender at S$587.5 million. The prime District 10 development, which began its 99-year leasehold tenure in August 1980, has a land area of approximately 93,126 square feet (sq ft). It has a gross plot ratio of 2.8 and a building height control of up to 36 storeys under the Master Plan 2019.

After deducting a lease top-up premium of approximately S$131 million, 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 need to pay a development fee. Taking into account the 7% bonus gross floor area allowed for balconies, this equates to approximately S$2,526 psf ppr. Orchard Bel Air, which opened in 1984, has 71 residential units spread across 25 storeys. Tanglin Mall, ION Orchard, and The Forum, as well as other high-end residential developments, hotels, offices, and shopping malls in Singapore’s retail belt, are nearby.

The site, according to sole marketing agent Knight Frank, 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 layout and configuration, and subject to approval from the relevant authorities, an estimated 128 new residential units averaging 200 sq m or 2,152 sq ft could be developed on the site. The redevelopment would not necessitate a pre-application traffic impact study.

Orchard Bel Air, according to Knight Frank, 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 20-story height restriction. “Although we have tried in the past to initiate the collective sale exercise,” 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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