Enbloc news: Grand Tower

As reported in the BT today, Grand Tower at Moulmein Rise near Novena MRT station has put been put up for collective sale with an indicative guide price of $92 million or about $1,430psf of potential gross floor area.

The 21,742sqft freehold site can potentially be redeveloped into a high-end boutique development with permissible gross floor area of about 64,310sqft, exceeding the 60,878sqft based on the 2.8 plot ratio for the site in 2008 Master Plan. No development charge is payable, according to Savills Singapore, which is marketing the collective sale of Grand Tower.

A new project on the site can accommodate about 70 apartments averaging 850sqft.

Currently Grand Tower, which is 33 years old, comprises a single tower with 28 apartments of about 1,873sqft each. Based on the $92 million guide price, each owner is expected to receive about $3.28 million.

Based on the $1,430psf ppr unit land price, the break even cost for a new project could be around $2,000psf, say analysts.

Recent transactions at nearby L’VIV have been at between $2,043psf and $2,133psf, while at the 99-year leasehold Soleil @Sinaran, deals have been at $1,634 – 1,743psf, Savills said.

The tender for Grand Tower closes on April 6.


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