Orchard Bel Air up for collective sale at $587.5 mil

by Albert02

Orchard Bel Air up for collective sale at $587.5 mil

Orchard Bel Air up for collective sale at $587.5 mil. Orchard Bel Air, a 99-year leasehold condominium at 245 Orchard Boulevard, has been launched for collective sale by public tender at a guide price of $587.5 million, according to a July 27 press release from exclusive marketing agent Knight Frank Singapore.

The $587.5 million price equates to a land rate of approximately $2,600 psf per plot ratio (psf ppr), which includes a lease top-up upgrading premium of approximately $131 million. There is no development fee to pay. Taking into account the 7% bonus gross floor area allowed for balconies, this translates to about $2,526 psf ppr.

UOL Group developed Orchard Bel Air, which was completed in 1984 with a 99-year lease beginning in August 1980. The 25-story tower houses 70 residential units ranging in size from 3,208 to 3,251 square feet, as well as one penthouse measuring 6,512 square feet. It is adjacent to the Thomson-East Coast Line’s Orchard Boulevard MRT Station, which is set to open soon. The development has a total area of 93,126 square feet. According to the URA Master Plan 2019, the site has a gross plot ratio of 2.8 and a building height control of up to 36 storeys.

According to Chia Mein Mein, head of capital markets (land & collective sale) at Knight Frank Singapore, the site’s future development will have all of the characteristics of a trophy asset. “Perfectly located next to One Tree Hill’s landed estate,” she says, “the successful bidder can look forward to creating an iconic and ultra-luxurious landmark development with new homes soaring above the neighbouring developments and unobstructed views of the cityscape.”

Based on a gross plot ratio of 2.98, the site can be developed up to its existing verified gross floor area of 276,298 sq ft. Depending on layout and configuration, and subject to approval from the relevant authorities, an estimated 128 new residential units with sizes averaging 2,153 sq ft could be developed. The redevelopment would not necessitate a pre-application traffic impact study.

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