The 22-storey tower features 72 apartments with sizes ranging between 760 sq ft and 7,135 sq ft. The District 9 property is also close to several MRT stations and schools.
A freehold serviced apartment block at No. 2 Mount Elizabeth Link has been put up for sale via tender, carrying an indicative price of $230 million, revealed marketing agent Cushman & Wakefield.
The 22-storey tower features 72 apartments with sizes ranging between 760 sq ft and 7,135 sq ft.
It sits on a 35,385 sq ft site and has a total gross floor area of about 104,375 sq ft. This works out to a plot ratio of 2.95, which exceeds the 2.8 plot ratio designated under the 2014 Master Plan.
The property is presently leased and operating as Fraser Residence Singapore, a brand under Frasers Hospitality.
A five-minute walk to the Orchard Road shopping belt, the District 9 property is near the Somerset and Orchard MRT stations on the North-South Line.
Schools such as the River Valley Primary School, Anglo-Chinese School (Junior and Primary), Chatsworth International School and Singapore Chinese Girls’ Primary School are also within 1km to 2km radius from the freehold property.
“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,” said Shaun Poh, executive director of capital markets at Cushman & Wakefield.
“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 serviced apartment use to continue catering to the rising demand from tourist and business travellers.”
And given its proximity to Mount Elizabeth Hospital, the freehold property is well-positioned to capture demand from medical tourism, he added.
The tender exercise for the serviced apartment block closes on 23 October.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com