Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The site is situated near the Greater Southern Waterfront district and is within strolling range to the Tanjong Pagar MRT Station, in addition to the upcoming Cantonment and Prince Edward Roadway MRT Stations and that are due for completion in 2026. Goh even expects the spot to even more take advantage of the ongoing rejuvenation taking place in its area. Redevelopment ventures in the area consist of Keppel South Central, Newport Tower and the former Real estate Centre, while upcoming mixed-use property One Bernam is also close by.
Tracy Goh, top head of financial investment and also cumulative sales at PropNex, observes that the two occurring structures on the plot are just five-storeys high. “The victorious customer can redevelop this place to construct a 35-storey high rise to grasp potential gains from the plot ratio of 5.6 under the URA Master Plan,” she clarifies.
The premises are located at 1 to 9 Hoe Chiang Roadway (odd numbers only) and 2 to 10 Lim Teck Kim Roadway (even numbers only). Alongside the remainder land, the overall spot has a total projected acreage of around 18,540 sq ft. The rectangular-shaped plot is zoned for business use and has a gross plot ratio of 5.6.
She includes that the site presents a great chance to construct a brand-new hotel or serviced residence to help vacationers and organization travellers. “As foreign traveling carries on post-pandemic and also the government having allowed around $500 million to kick-start the travel sector, we expect Singapore’s hospitality field to observe a maintained recovery over the next few years.”
Given the site’s site and redevelopment possibility, Goh assumes eager acquiring enthusiasm for the plot. She replies that taking into account the building cooling measures rolled out by the administration in December 2021 and also September 2022, more investor may switch their attention to business property places, which are not subjected to extra buyer’s stamp duty.
A 999-year leasehold commercial spot marked by Hoe Chiang Roadway as well as Lim Teck Kim Roadway will be introduced for cumulative sale on Jan 19, according to a press release by promotion rep PropNex Realty, The place, which makes up 2 rows of commercial establishments and even a part of portion land between them, has a reservation rate of $216 million.
The collective sale tender for the site will finalize on Mar 22 at 2pm.
The reserve price goes out to an estimated land price of $2,602 psf per plot ratio (psf ppr) for an office development, inclusive of a land betterment charge of $54.1 million, according to PropNex. The professional includes that the customer has the alternative to redevelop the area right into a lodge property, in which case the reserve rate would translate to a land rate of $2,662 psf ppr inclusive of an approximated land improvement cost of $60.4 million.
