The Elizabeth Tower condominium at Mount Elizabeth in Orchard has been put for a collective sale by public tender.Marketing consultant Newman and Goh says the owners of the 36-storey freehold property are looking for the site to fetch an en bloc price of 673 million dollars.
That translates to 2,666 dollars per square foot per plot ratio.
Newman and Goh's head of investment sales Jeffrey Goh says the site can be redeveloped into 101 units of apartments with an average size of 2,500 square feet each, or into 6-star service apartments.
With recent property launches in the area fetching 4,200 dollars per square foot and above, Mr Goh says the redeveloped Mount Elizabeth property could achieve prices well above 4,000 dollars per square foot.
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