Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil

The reservation rate goes out to an estimated land fee of $2,602 psf per plot ratio (psf ppr) for a workplace development, inclusive of a land betterment charge of $54.1 million, according to PropNex. The consultant includes that the buyer has the option to redevelop the site right into a hotel change, in that situation the reservation price will convert to a property price of $2,662 psf ppr inclusive of an estimated land enhancement charge of $60.4 million.

A 999-year leasehold commercial spot marked by Hoe Chiang Roadway and Lim Teck Kim Roadway will be released for cumulative sale on Jan 19, according to a press release by marketing representative PropNex Real estate, The place, which comprises two rows of commercial structures and a portion of remnant land around them, has a reserve price of $216 million.

Tracy Goh, head of financial investment and collective sales at PropNex, recognizes that the two existing buildings on the plot are exclusively five-storeys high. “The fortunate purchaser can redevelop this site to build a 35-storey tower to find out potential returns from the plot ratio of 5.6 following the URA Master Plan,” she clarifies.

The premises lie at 1 to 9 Hoe Chiang Roadway (odd numbers solely) and 2 to 10 Lim Teck Kim Roadway (even numbers only). Alongside the remnant land, the entire site has a full projected land area of around 18,540 sq ft. The rectangular-shaped plot is zoned for commercial usage furthermore has a gross plot ratio of 5.6.

The location is located near to the Greater Southern Waterfront district and also is within strolling distance to the Tanjong Pagar MRT Station, together with the upcoming Cantonment and even Prince Edward Road MRT Stations which schedule for finish in 2026. Goh also anticipates the site to extra gain from the recurring restoration happening in its area. Redevelopment projects in the area involve Keppel South Central, Newport Tower and the past Realty Centre, while upcoming mixed-use project One Bernam is additionally close by.

Avenir Condo price

Offered the area’s location and redevelopment capability, Goh assumes avid purchasing enthusiasm for the plot. She replies that taking into account the property cooling down solutions rolled out by the administration in December 2021 and also September 2022, more real estate investors may switch their interest to commercial real property sites, that are exempt to extra customer’s stamp responsibility.

She includes that the site provides an excellent chance to build a new lodging or serviced apartment to serve visitors plus company tourists. “As overseas travel resumes post-pandemic and also the government having reserved around $500 million to kick-start the tourism market, we project Singapore’s hospitality field to see a sustained revival over the following few years.”

The collective sale tender for the place will finalize on Mar 22 at 2pm.

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