Click on Prime freehold service apartment development for sale at $230m
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Author: Ravi Philemon
The prime freehold service apartment development is strategically located within the highly coveted District 9
The freehold service apartment block located at No. 2 Mount Elizabeth Link, has been put up for sale via a Tender exercise by the exclusive marketing agent, Cushman & Wakefield.
The 22-storey tower block comprises 72 apartment units with sizes ranging from 760 sq ft to 7,135 sq ft. The prime freehold service apartment development sits on a regular plot with a land area of about 35,385 sq ft and has a total gross floor area of approximately 104,375 sq ft, which translates to a Plot Ratio of 2.95, exceeding the Urban Redevelopment Authority’s (URA) Master Plan 2014 designated Plot Ratio of 2.8.
The prime freehold service apartment development is currently leased and operating as Fraser Residence Singapore, which is one of the brands under the global hospitality operator – Frasers Hospitality Pte Ltd.
Strategically located within the highly coveted District 9, the prime freehold service apartment development is a mere five minutes’ walk to the world-renowned Orchard Road shopping belt. The Orchard and Somerset MRT Stations on the North-South Line are also easily reachable on foot. Traveling to the Central Business District (CBD) is under a 10 minutes’ drive through arterial roads such as Orchard Road, Bras Basah Road and Dunearn Road, while connection to other parts of the island is made accessible by the Central Expressway (CTE) and Bukit Timah Road. Multiple prestigious schools such as the Anglo-Chinese School (Junior and Primary), River Valley Primary School, Singapore Chinese Girls’ Primary School and Chatsworth International School are all located within a 1 to 2 km radius from the Property.
Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “This is an extremely rare opportunity for developers, family offices and ultra-high-net worth individuals to acquire a freehold asset in Orchard area with a prestigious address.”
“Buyers have the option to either redevelop the plum site into a brand new luxury residential development to take advantage of the improved high-end residential market or retain its existing Service Apartment use to continue catering to the rising demand from tourist and business travelers. In addition, with its close proximity to Mount Elizabeth Hospital, one of the most established medical hubs in Singapore, the Property is well positioned to capture the demand from medical tourism.”
The indicative price for the prime freehold service apartment development is $230 million.
The tender exercise closes on 23 October 2019, at 3.00pm.
Mr Paul Ho, chief mortgage officer at iCompareLoan, said that the prime freehold service apartment development at Mount Elizabeth Link is a good buy because of its proximity to Orchard Road. “The Orchard Road revamp announced by the Singapore Tourism Board (STB), Urban Redevelopment Authority (URA) and National Parks Board (NParks) in late January 2019 is set to affect the properties in the surrounding areas, and this will make the property more attractive.”
Singapore Government announcement said that the Orchard Road revamp will make the shoppers’ district a a must-visit lifestyle destination.
In announcing the Orchard Road revamp efforts, Minister for Trade and Industry and Co-Chair of Ministerial Steering Committee for Orchard Road Chan Chun Sing said: “Against the backdrop of increasing competition from other cities and the evolving retail landscape, Orchard Road has remained at the forefront of consumer trends to stay relevant to local and international visitors.”
He added: “This was made possible with the public and private sectors working together to bring in innovative concepts and exclusive retail offerings. We will continue our partnership with the private sector to develop Orchard Road as a vibrant lifestyle destination that offers an exceptional experience beyond retail.”
As a lifestyle destination, Orchard Road will offer differentiated experiences to bring out the unique identity of each sub-precinct. Innovative retail concepts, attractions, entertainment and events will be introduced at each sub-precinct to cater to the varied interests of visitors. Side streets such as Killiney Road and Orchard Turn will also be enhanced to allow visitors to discover the lesser known parts of the precinct and better connect Orchard Road to the surrounding neighbourhoods.
With the Orchard Road revamp comes more future mixed-use developments which will be built at the upcoming Thomson-East Coast Line Orchard Interchange MRT station.
The Government said that these will be well connected to Orchard Road through side streets to bring more people and add buzz and vibrancy to the precinct.
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