By Kristie Neo | Posted: 07 September 2012 2136 hrs

SINGAPORE

A freehold residential development, Chateau Eliza, at Mount Elizabeth has been sold en bloc for S$92.2 million.

It was sold to a consortium of private investors, Newfort Realty, and was the development’s third tender attempt.

This is also the 20th successful collective sale deal concluded in Singapore this year.

With the sale, each apartment owner stands to receive gross sales proceeds of between S$2.08 million and $6.26 million.

The collective sale owners were represented by marketing agent Knight Frank, with the buyers introduced by Jones Lang LaSalle, Singapore.

According to Knight Frank, the 37-unit development has a land area of some 17,997 square feet (sq ft) and an existing Gross Floor Area (GFA) of 52,887 sq ft.

Ms Yong Choon Fah, National Director of Investments, Jones Lang La Salle said: “The sale price of $92.2 million hence reflects a land rate of $1,743 psf per plot ratio (psfppr) based on its existing Gross Plot Ratio of 2.939.”

She adds that if the developer were to build an additional 10% GFA for balconies, “the sale price would hence translate to a land rate of $1,654 psfppr.”

– CNA/de