Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
Offered the area’s location and redevelopment potential, Goh expects eager acquiring enthusiasm for the plot. She adds that due to the real estate cooling solutions rolled out by the government in December 2021 and also September 2022, even more investor might transform their focus to commercial real estate places, which are not subjected to extra purchaser’s stamp responsibility.
She adds that the location provides a good opportunity to construct a brand-new hotel or serviced flat to offer tourists plus company tourists. “As international tour comes back post-pandemic and also the government having earmarked about $500 million to kick-start the tourism market, we anticipate Singapore’s hospitality market to observe a continual improvement over the next couple of years.”
The reservation cost manages out to an estimated land rate of $2,602 psf per plot ratio (psf ppr) for an office project, inclusive of a land improvement fee of $54.1 million, according to PropNex. The consultant incorporates that the customer has the option to redevelop the area into a hotel property, in that situation the reservation rate would equate to a property rate of $2,662 psf ppr inclusive of an estimated land betterment cost of $60.4 million.
Tracy Goh, top head of financial investment and also cumulative sales at PropNex, sees that both standing buildings on the plot are only five-storeys high. “The victorious purchaser can redevelop this place to develop a 35-storey tower to realise potential profits from the plot ratio of 5.6 under the URA Master Plan,” she discusses.
The site is situated near the Greater Southern Waterfront district and is within strolling proximity to the Tanjong Pagar MRT Terminal, together with the upcoming Cantonment and even Prince Edward Roadway MRT Stations and that schedule for finish in 2026. Goh also expects the spot to even more take advantage of the recurring restoration occurring in its vicinity. Redevelopment ventures in the area involve Keppel South Central, Newport Tower and the previous Realty Centre, while upcoming mixed-use development One Bernam is additionally close.
The premises lie at 1 to 9 Hoe Chiang Roadway (odd numbers solely) and 2 to 10 Lim Teck Kim Road (even numbers only). Alongside the portion land, the whole spot has a complete estimated acreage of around 18,540 sq ft. The rectangular-shaped plot is zoned for profitable use furthermore has a gross plot ratio of 5.6.
A 999-year leasehold commercial spot bounded by Hoe Chiang Road as well as Lim Teck Kim Roadway will be released for collective sale on Jan 19, according to an announcement by promotion agent PropNex Real estate, The place, which consists of 2 rows of commercial buildings and even a piece of portion land between them, has a reservation rate of $216 million.
The cumulative sale tender for the site will close on Mar 22 at 2pm.
