40 years ago the idea for an en bloc sale was mooted, but a dispute with the developer of a neighbouring site about the right of way have kept this property from going on the collective sale market.
But with 80% of the owners now agreeing to a sale, Grange Heights condominium may finally go through with its en bloc objective.
Orchard road location of Grange Heights a plus point
Grange Height condominium’s location is its big draw. Situated on prime land near the Orchard Road shopping district, the private apartment development sits between Leonie Hill and Devonshire roads. The nearest MRT station is Somerset.
The condominium has a land area of 136,000 sq ft and a plot ratio of 2.8. As a piece of freehold land in prime district 9 with a maximum gross floor area of 382,700 sq ft, the site could potentially yield a 36-storey building.
Currently, Grange Heights condominium consists of 120 units over 3 blocks.
Nearby, the high-end 8 St Thomas condominium just sold 20 units at its exclusive preview, which could signify a comeback in the luxury property segment.
District 9 properties still a big draw for developers and buyers
While the recent cooling measures may have held some foreign buyers back, the pause could be temporary. Developers are still highly keen on sites here, leasehold or not, which could signify that buyers are interested in properties here, in particular, luxury ones.
Horizon Towers which sits on a 99-year leasehold site on Leonie Hill road, for example, has a reserve price of $1.1 billion, setting the bar high for sites nearby. Industry experts are expecting prime district land to command billion-dollar bids.