On prime land in the Orchard Road shopping belt sits a 22-storey serviced apartment block on a 35,385 sq ft site which is going en bloc for $230 million.
Freehold site on Mount Elizabeth Link going for $230 million
The Fraser Residence Singapore serviced apartments currently consist of 72 units ranging from 760 sq ft to 7,135 sq ft.
Situated in prime district 9, just 5 mins walk away from the Orchard Road shopping belt; off from the hustle and bustle of the main shopping stretch but still near enough. The nearest MRT stations are the Orchard and Somerset stations on the North-South line.
The freehold status of the site may attract developers keen to acquire a plot in the prime district.
Its proximity to a number of local and international schools such as Chatsworth International School, River Valley Primary, Singapore Chinese Girls’ Primary and Anglo-Chinese (Junior) and (Primary) schools could also be a plus for expatriate and young families. This could also mean relatively secure rental yields.
Site ideal for a new luxury residential project
The site is also located near the Mount Elizabeth hospital, which could mean rental opportunities from the medical tourism industry. Analysts consider this site a plum one for the development of a luxury residential project.
The site is also near some of the embassies in the area such as the High Commission of India and just a few minutes drive from the British High Commission and the American Embassy.