Colliers International, Singapore

International property consultant, Colliers International will be putting up for sale by tender - for the second time - a residential re-development site at 173 Chin Swee Road on March 26, 2008.

The tender is scheduled to close on April 15, 2008, 3.00pm.

Occupying an area of 60,821 sq ft, the regular-shaped elevated site has a 99-year leasehold tenure (w.e.f. June 16, 1980). Under the 2003 Master Plan, the site is zoned for “Residential” development with a gross plot ratio of 3.7. Landmark Tower, a 38-storey residential development comprising 139 apartment and penthouse units, currently sits on the site. 

Mr Ho Eng Joo, Executive Director of Investment Sales at Colliers International, says, “Indicative land value is in the region of S$270 million and with the estimated cost of S$28 million to top up the tenure, this will work out to some S$1,324 per sq ft per plot ratio.  The successful buyer can re-develop the site to accommodate a high-rise condominium development, comprising 220 apartment units of approximately 1,000 sq ft each.”

“With the recent success seen for the sale of state lands, we are optimistic that this site – given its strategic location – will be highly attractive to developers and investors who are looking to secure a prime site on the fringe of the CBD.

Owners of Landmark Tower will stand to reap a gain of more than 70% through a collective sale as compared to selling their units individually," continues Mr Ho.

The subject site is a few minutes’ away from the Central Business District and Orchard Road, with both Outram and Chinatown MRT stations in proximity.  Its locality enjoys an unobstructed city panorama, a tranquil view of the Singapore River and lush greenery of Pearl’s Hill City Park. 

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

Ms Doris Boo
Associate Director, Marketing and Communications
Tel: 65 6223 2323
Direct: 65 6531 8610

Mr Ho Eng Joo
Executive Director, Investment Sales
Tel: 65 6223 2323
Direct: 65 6531 8618

 back to top