Commercial site in CBD relaunched for collective sale at $216 mil
Tracy Goh, PropNex’s head of investment and collective sales, emphasize the business zoning of the area suggests that it is not subjected to additional buyer’s stamp duty (ABSD). Furthermore, the prime office sector continues to be resistant, with rents climbing 5.1% q-o-q in 1Q2023. Goh expects the strong office industry and also the ABSD increases announced as section of the recent round of cooling down measures to result in restored financial investment attention in the retail property section.
Goh includes that the site is not affected by limitations restricting the strata subdivision of industrial property in the CBD, which will provide even more versatility to the customer to redevelop the plot into a strata-titled office building. “The limitations on strata community is anticipated to scrunch the supply of strata-titled office units in the city center, and also it will certainly help to uphold up the demand for and rates of such workplace.”
The establishments are at 1 to 9 Hoe Chiang Road (odd numbers only) as well as 2 to 10 Lim Teck Kim Road (even numbers only). Together with the portion place, the whole location has a complete approximated land area of around 18,540 sq ft. The plot is zoned for commercial use and also has a total plot ratio of 5.6.
The tender for the spot is going to close on May 31 at 2pm.
The reserve cost converts to an approximated land price of $2,610 psf per plot ratio (ppr) for an office enhancement, including a land betterment charge (LBC) of $55 million. The purchaser additionally has the choice to redevelop the site as a resort innovation, and that would certainly put the area price at $2,671 psf ppr, inclusive of the quoted LBC of $61.3 million, claims PropNex.
A 999-year leasehold business site bounded by Hoe Chiang Road and also Lim Teck Kim Roadway in the Business district Core will be relaunched for shared sale via tender on May 17, according to an announcement by marketing broker PropNex Real estate.
The location, that makes up two rows of business establishments and a piece of remnant land between them, has a reservation cost of $216 million. The cost is the same from the previous tender released on Jan 19 for the site. The tender had already closed on March 22 without offers.
Because of this, she anticipates the area at Hoe Chiang Roadway as well as Lim Teck Kim Road to pull attention from purchasers, specifically provided its area and term. “Currently, there are nothing else 999-year term business sites for sale in the CBD,” she adds. The site is within walking range of Tanjong Pagar MRT Terminal (East-West Line) along with 2 upcoming terminals – Cantonment and Prince Edward Roadway terminals on the Circle Line – which are register to be prepared in 2026.
