Grange Heights and Cairnhill Astoria near Orchard Road set for collective sale again

Grange Heights (left) in St Thomas Walk will be put on the market for $820 million, while the collective sale tender for Cairnhill Astoria will be relaunched at $196 million.
Dated: 17-Sep-2018

SINGAPORE - Two prime Freehold residential sites in District 9 near Orchard Road are taking another stab at a collective sale on Sept 18, according to real estate service provider Colliers International.

They are Grange Heights in St Thomas Walk, which will be put up for public tender for $820 million, and Cairnhill Astoria in Cairnhill Rise, to go for $196 million.

This is the second attempt at collective sale by owners at Grange Heights. Depending on the size of their property, each owner can potentially receive between $5.235 million and $10.762 million from the successful sale of the development.

For Grange Heights, the reserve price works out to a land rate of $1,948 per square foot per plot ratio (psf ppr) after factoring the 10 per cent bonus balcony Gross Floor Area (GFA). No development charge is payable for the intensification of land use.

The redevelopment site - spanning 12,697.7 square metres - is zoned residential and has a gross plot ratio of 2.8 under the Urban Redevelopment Authority's Master Plan 2014. The new development will have a proposed total GFA of 39,108.9 sq m and a building height control of up to 36 storeys.

The tender for Grange Heights will close at 3pm on Oct 29, 2018.

As for Cairnhill Astoria in Cairnhill Rise, the pricing for the site remains unchanged from the tender price when it was originally put on the market on May 17, 2018.

But Mr Paul Kwek, vice-chairman of the Cairnhill Astoria Collective Sale Committee, said, "The development is ageing and the owners are keen to sell the property. We understand that the environment has become a lot more uncertain following the introduction of new cooling measures in July. The owners are mindful of the cautious market sentiment and may be more realistic in their pricing expectation."

The owners' reserve price reflects a land rate of $1,933 psf ppr, after factoring the 10 per cent bonus balcony GFA and an estimated development charge (DC) of $33.903 million following the latest revision to DC rates.

Sitting on a 3,587.5 sq m site, Cairnhill Astoria comprises 36 apartments across a high-rise residential tower and a low-rise block. Under the Master Plan 2014, the land parcel is zoned residential and has a Gross Plot Ratio of 2.8. Subject to relevant approvals from the authorities, the site can be redeveloped to offer about 150 apartments, based on an average unit size of 753 sq ft.

Depending on the size of their property, each owner at Cairnhill Astoria could potentially receive between $2.275 million and $14.261 million upon successful completion of the transaction.

The collective sale tender for Cairnhill Astoria will close at 3pm on Oct 17, 2018.

Source: Straits Times