Orchard condo The Beaumont relaunched for sale with lower S$468m guide price

by Albert02

Orchard condo The Beaumont relaunched for sale with lower S$468m guide price

Orchard condo The Beaumont relaunched for sale with lower S$468m guide price. Freehold project The Beaumont has been reintroduced to the market for collective sale with a slightly reduced suggested price of S$468 million as opposed to the S$478 million asking price it had when it was previously placed up for sale in December 2021.

Exclusive marketing agent Savills calculated the new guiding price to be S$2,448 per square foot per plot ratio (psf ppr). A development fee of $44.4 million has been assessed. The development fee will increase by S$17.3 million once the 7% bonus gross floor area (GFA) is taken into account, while the price will decrease to S$2,366 psf ppr. 64 flats are distributed between a 5-story and a 10-story tower in the boutique building at 145 and 147 Devonshire Road, which is located on a 74,739-square-foot (sq ft) property. It is zoned for residential use, with an allowed gross plot ratio of 2.8 and a height restriction of 36 storeys. According to Savills, the authorities have determined that its development baseline is roughly 171,792 square feet.

The new condos will offer unobstructed views of Orchard Residences and Ngee Ann City thanks to the 36-story height restriction. When the new house goes on the market in two years, wealthy foreign buyers will be very interested, according to Jeremy Lake, managing director of investment sales and capital markets at Savills. The Beaumont is situated across from TripleOne Somerset and is a 2-minute walk from Somerset MRT, all of which are in the prestigious District 9 neighborhood. It is close to luxury clubs like Tanglin Club and The American Club, the Singapore Botanic Gardens, and medical institutions like Mount Elizabeth Hospital, Camden Medical, and Paragon Medical. River Valley Primary School, ISS International School, and Chatsworth International School are among the educational institutions nearby.

The deadline for submissions is September 20 at 3 p.m.

The Beaumont was put up for sale in December, shortly before the government imposed property restrictions to halt the market. At S$478 million, that estimated price equaled S$2,496 per square foot per year. After accounting for the balconies’ 7% additional gross floor space, the pricing came out to S$2,410 per square foot on a per square foot per year basis (GFA). After that tender’s close on January 20, the development entered a 10-week private treaty period; however, no bid was made at this time, and the term has since gone.

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Source:
https://www.businesstimes.com.sg/real-estate/orchard-condo-the-beaumont-relaunched-for-sale-with-lower-s468m-guide-price

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