Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
Given the site’s place and redevelopment possibility, Goh assumes eager purchasing interest for the plot. She replies that taking into account the building cooling down solutions rolled out by the administration in December 2021 and also September 2022, many more real estate investors may turn their focus to commercial real estate places, that are not subjected to additional customer’s stamp duty.
She includes that the site provides a great possibility to construct a new resort or serviced apartment to serve vacationers and business travellers. “As foreign tour carries on post-pandemic and also the government having actually allowed approximately $500 million to kick-start the tourism market, we expect Singapore’s hospitality industry to observe a continual revival over the upcoming few years.”
The collective sale tender for the site will close on Mar 22 at 2pm.
Tracy Goh, top head of investment and also collective sales at PropNex, sees that the two occurring structures on the plot are exclusively five-storeys high. “The victorious purchaser can redevelop this place to develop a 35-storey high rise to grasp prospective returns from the plot ratio of 5.6 following the URA Master Plan,” she discusses.
The spot is positioned close to the Greater Southern Waterfront district and is within strolling proximity to the Tanjong Pagar MRT Station, along with the upcoming Cantonment and Prince Edward Road MRT Stations and that are due for finalization in 2026. Goh even prepares for the spot to further benefit from the continuous revitalization taking place in its location. Redevelopment work in the area consist of Keppel South Central, Newport Tower and the past Real estate Centre, whilst upcoming mixed-use development One Bernam is also close.
The reservation cost works out to a projected land price of $2,602 psf per plot ratio (psf ppr) for a workplace project, inclusive of a land enhancement fee of $54.1 million, according to PropNex. The expert includes that the customer has the option to redevelop the area right into a lodge development, in that instance the reserve price would translate to a property rate of $2,662 psf ppr inclusive of a projected land betterment fee of $60.4 million.
The Landmark Condo Chin Swee Road
The premises rise at 1 to 9 Hoe Chiang Roadway (odd numbers solely) together with 2 to 10 Lim Teck Kim Road (even numbers only). In addition to the remnant land, the overall location has a total estimated acreage of around 18,540 sq ft. The rectangular-shaped plot is zoned for business usage and has a gross plot ratio of 5.6.
A 999-year leasehold business site bounded by Hoe Chiang Roadway as well as Lim Teck Kim Roadway will be launched for combined sale on Jan 19, according to an announcement by marketing agent PropNex Realty, The site, which makes up two rows of commercial establishments and even a portion of portion land between them, has a reserve rate of $216 million.
