Silver Tower on the market for $1,138 per sq foot
SILVER Tower in Cairnhill is the latest collective sale site to go on the market, with the owners asking for $168 million or $1,138 per square foot, per plot ratio (psfppr), one of the highest asking prices for a collective sale site this year.
Steven Ming of Savills Singapore, which is marketing the collective sale of Silver Mansion, believes developers are ‘bullish’ about the high-end property market.
He believes that Silver Mansion’s location demands a premium. ‘Silver Tower is possibly one of very few residential sites that have been put up for sale this year that is located this close to Orchard Road,’ he said.
The 57,241 sq ft site has a plot ratio of 2.8, so about 80 apartments of approximately 2,000 sq ft can be built. The height restriction is 20-storeys.
There are two other collective sale sites in Cairnhill already on the market, and their asking prices are lower. The owners of Horizon View and the owners of 16 terraced houses are seeking about $951 psfppr.
Recent transactions include the current benchmark of $1,218 psfppr price paid in March for Eng Lok Mansion.
Hilltops Apartments in Cairnhill sold for $951 psfppr, Paterson Tower sold for $1,064, and Skyline Angullia off Tomlinson Road sold for $1,073 psfppr.
Because of expressions-of-interest from overseas developers for Singapore sites, Savills will also be marketing Silver Tower in Hong Kong, China, Japan, Europe and the UK.
On Shelford Road, PMC Services is marketing a smaller collective sale site called Shelford Residences.
Formerly called Beng’s Lodge, the 21,831 sq ft site has a plot ratio of 1.4 and the asking price is $15 million-$16 million, or $534-$567 psfppr.
Source : Business Times - 10 May 2006
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