The Esquire fetches $32m
Evan Lim & Co beats three other bidders for prime site in en bloc sale
ANOTHER prime property has gone for collective sale - for $32 million - showing that momentum is continuing to pick up in real-estate en-bloc deals.
This time, it is The Esquire, an 11-storey, 30-unit apartment block on Mount Elizabeth, near the famed hospital and behind The Paragon Shopping Centre. Its owners - both investors and owner-occupiers - had failed in earlier attempts to sell the entire block.
Evan Lim & Co, a general building contractor and property developer, beat three other bidders with its $32 million offer.
The price buys a building on a land area of about 16,067 sq ft and a gross plot ratio of 2.8.
The present structure can be replaced by a building of up to a maximum of 36 storeys.
In addition to the $32 million, a $3.59 million development charge is payable. Taking that into account, Evan Lim’s purchase price is about $791 per square foot per plot ratio (psf ppr).
‘This is the highest residential land rate achieved in the Mount Elizabeth/Emerald/Cairnhill location in recent years, and is the third highest in the vicinity of Orchard Road, just after the recent sales of the larger Angullia Mansion and Habitat II,’ said Tan Hong Boon, executive director of Credo Real Estate, which brokered the deal.
Angullia Mansion went to Far East Organization for a land cost of $1,058 psf ppr inclusive of development charges earlier this month, while Habitat II was sold to Wheelock Properties last year for $876 psf ppr.
Mr Tan said Evan Lim could build 20 luxury apartment units with an average 2,000 sq ft size, or 60 boutique units of 700 sq ft each.
He added that each of the 30 apartment owners will get about $1.07 million from the sale, representing a 65 per cent premium over what the apartments would have fetched individually.
Source : Business Times - 21 Feb 2006
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