Owners of the Cairnhill Astoria freehold development in Singapore are aiming for a collective sale at a reserve price of S$196 million or at a land rate of S$1,964 per square foot per plot ratio, said deal agent Colliers International Group Inc.
The reserve price includes S$16.3 million in estimated development charges.
Cairnhill Astoria features 36 apartments across a high-rise residential tower and a low-rise block on a site that encompasses 3,587.5 square meters in prime District 09. The land parcel has a 2.8 gross plot ratio and can be reconstructed, subject to the satisfaction of necessary approvals, to hold about 200 apartments with an average unit size of 540 square feet.
The public tender for the en bloc sale will run from May 17 to June 27 at 3 p.m. Singapore time.
Colliers Managing Director Tang Wei Leng highlighted in a statement that Districts 09 and 10 have seen 13 completed collective sale deals worth over S$3.85 billion year-to-date in 2018, while five transactions valued at S$870 million were recorded in full-year 2017, signalling a shift in developers' collective-sales interest to prime areas from suburbs in the city-state.
As of May 15, US$1 was equivalent to S$1.34.
