Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The spot is situated close to the Greater Southern Waterfront district and also is inside walking proximity to the Tanjong Pagar MRT Terminal, along with the upcoming Cantonment and even Prince Edward Roadway MRT Terminals which are due for finish in 2026. Goh even anticipates the spot to even more take advantage of the continuous rejuvenation taking place in its vicinity. Redevelopment work in the area involve Keppel South Central, Newport Tower and the former Realty Centre, while upcoming mixed-use property One Bernam is also close by.
The reserve price manages out to a projected land rate of $2,602 psf per plot ratio (psf ppr) for a workplace project, inclusive of a land improvement cost of $54.1 million, according to PropNex. The specialist incorporates that the customer has the alternative to redevelop the location into a lodge property, in that situation the reserve rate would translate to a land rate of $2,662 psf ppr inclusive of an estimated land betterment charge of $60.4 million.
The premises are located 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 spot has a full approximated acreage of around 18,540 sq ft. The rectangular-shaped plot is zoned for commercial usage and has a gross plot ratio of 5.6.
A 999-year leasehold commercial spot marked by Hoe Chiang Roadway and also Lim Teck Kim Road will be launched for combined sale on Jan 19, according to an announcement by promotion rep PropNex Real estate, The place, which consists of 2 rows of commercial establishments and a part of portion land between them, has a reservation price of $216 million.
Offered the area’s place and redevelopment capability, Goh anticipates eager purchasing enthusiasm for the plot. She adds that in light of the property cooling measures rolled out by the state in December 2021 and also September 2022, many more real estate investors might turn their interest to business real estate places, which are exempt to extra buyer’s stamp duty.
She adds that the site offers a good chance to build a new lodging or serviced flat to serve visitors and company travellers. “As international tour resumes post-pandemic and also the state having actually earmarked around $500 million to kick-start the tourism sector, we project Singapore’s hospitality market to view a continual recovery over the next couple of years.”
Tracy Goh, head of investment and cumulative sales at PropNex, observes that both occurring structures on the plot are just five-storeys high. “The successful purchaser can redevelop this site to build a 35-storey tower to find out prospective returns from the plot ratio of 5.6 following the URA Master Plan,” she describes.
The collective sale tender for the site is going to finalize on Mar 22 at 2pm.
