ORCHARD BOULEVARD FREEHOLD RESIDENTIAL SITE LAUNCHED FOR PUBLIC TENDER SALE LOCATED IN PRIME DISTRICT 9

Singapore, 23 April 2018 – CBRE is pleased to announce the launch of the Public Tender sale of Park House, 21 Orchard Boulevard, Singapore.
Park House is located at the junction of Orchard Boulevard and Tomlinson Road. It sits on a corner freehold site comprising approximately 46,084 sq ft. The site has an allowable plot ratio of 2.8 and Development Charge is not payable because the baseline plot ratio is equivalent to approximately 3.66.
Park House comprises 56 apartments (approx. 1,571 sq ft each) and 4 shops (approx. 1,528 sq ft each). Approximately 81.6% of the owners have signed the Collective Sales Agreement.

The guide price of $308 million reflects a land price of approximately $2,387per sq ft per plot ratio. Taking into consideration the 10 per cent bonus gross floor area allowed for balconies, the land price will be approximately $2,170 per sq ft per plot ratio. The apartment owners will receive at least $5 million while the shop owners will receive at least $6.65 million.

The last very prime site sold was Cairnhill Mansion which CBRE sold to Low Keng Huat for $362 million which equates to $2,311 psf ppr before balconies and $2,101 psf ppr with balconies in February 2018.

Park House is a short stroll from a myriad of amenities including retail shops, F&B outlets and entertainment establishments at Orchard Road, Singapore’s world-renowned shopping belt. The proximity to shopping malls, hotels and embassies such as Paragon, ION Orchard, The St. Regis Hotel and Four Seasons Hotel is testament to the convenience of the location. Other amenities nearby include the premier medical facilities at Camden Medical Centre, prestigious clubs like Tanglin Club and American Club and the Singapore Botanic Gardens, a UNESCO World Heritage Site.

Park House is located approximately 200m from the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line.

Jeremy Lake, Managing Director, Capital Markets, CBRE said, “in the last few months the luxury residential market has come to life and developers are actively looking to buy prime sites and have been asking us if we have any sites in the pipeline. The launch of the public tender sale of Park House is therefore very timely and I expect at least 8 to 10 tender bids from Singapore based developers and also from some developers based in Hong Kong, Malaysia and China. The sale of the URA site on Cuscaden Road next door is likely to set a new high benchmark price when it closes on 26 April.”

Mr Edward Ong Chairman of the Sales Committee has lived at Park House since 1986. He said “Park House was completed about 50 years ago and the property is rather old now. We have talked about a collective sale on and off for the last 12 years or so but this time we were able to achieve 80% support from the owners with the help of CBRE. Each of the residential owners should be able to get a handsome amount which is a very generous budget to buy a
replacement property. I will miss the location which is extremely convenient already and with the new Orchard Boulevard MRT coming up, it will be more attractive in the next 3 to 4 years.”

CBRE is the exclusive and sole marketing agent for Park House.

The Public Tender for Park House will close at 3pm on 31st May 2018.

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