THE Ardmore has joined the list of collective sale sites with asking prices of $2,000 psf per plot ratio (psf ppr) and above.
Hefty deal: The asking price for The Ardmore is $221.8 million, including an estimated $16.6 million development charge
Knight Frank, which is marketing the 42,565 square foot freehold site at 6 Ardmore Park through an expression-of-interest exercise, says the asking price is $221.8 million, which works out to $2,000 psf ppr including an estimated $16.6 million development charge.
The site is zoned for residential use with a 2.8 plot ratio - the ratio of maximum potential gross floor area to land area - and a 36-storey height limit.
The successful developer can build a project with 42 units averaging 3,000 square feet each, according to Knight Frank.
The closest benchmark in the area is the $1,650 psf ppr achieved for Anderson 18 in March, when City Developments and Wing Tai placed a $477.7 million joint bid for the 112,097 sq ft freehold site.
The highest unit land price achieved so far for residential land is still for The Parisian at Angullia Park, which was clinched by Overseas Union Enterprise for $1,735 psf ppr late last year.
However, that has not stopped en bloc sale owners asking for $2,000 psf ppr or even more.
Last month, Elizabeth Heights, a freehold development in the Cairnhill area, was launched for collective sale with a price tag as high as $2,100 psf ppr.
And the owners of the 99-year leasehold Grangeford Apartments have set a 'guide price' of $2,016 psf ppr, which includes an estimated $97.8 million payable by the site's new owner to the state to restore the site's remaining 66-year lease to 99 years.
Expressions of interest for The Ardmore close on June 12.
