SINGAPORE – Manhattan House has been launched for collective sale by tender with a $280 million reserve price, sole marketing agent JLL said on Tuesday.
This implies a land rate of about $1,715 per sq ft per plot ratio at a base gross plot ratio of 5.03875, after factoring in the lease top-up premium and a land betterment charge.
The 99-year development was completed in 1976 and comprises 269 units across 16 floors.
It sits on a land plot spanning 4,167.7 sq m zoned for commercial use with a gross plot ratio of 4.7, according to the Urban Redevelopment Authority’s (URA) 2019 Master Plan.
However, JLL said the site may be rezoned to “residential with commercial at the first storey” following advice from URA. A “substantial” portion of the site has also been allowed a residential tower of up to 30 storeys with a maximum gross floor area of 21,000 sq m.
Manhattan House is in the vicinity of Chinatown and Outram Park MRT stations. It is also a three- to five-minute drive to Raffles Place and Marina Bay, among other amenities.
River Valley Primary School is within a kilometre of the site, while CHIJ (Kellock), St Margaret’s School (Primary), Alexandra Primary School, Cantonment Primary School and Zhangde Primary School are within 2km.
“Source:[Manhattan House up for collective sale with $280m reserve price] © Singapore Press Holdings Limited. Permission required for reproduction”