Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The site is positioned near the Greater Southern Waterfront district and is within walking proximity to the Tanjong Pagar MRT Station, together with the upcoming Cantonment and Prince Edward Road MRT Terminals and that are due for finish in 2026. Goh also expects the spot to further take advantage of the continuous revitalization happening in its location. Redevelopment ventures in the location involve Keppel South Central, Newport Tower as well as the past Real estate Centre, while upcoming mixed-use project One Bernam is additionally close by.
The reservation cost works out to an estimated land price of $2,602 psf per plot ratio (psf ppr) for a business property, inclusive of a land enhancement cost of $54.1 million, according to PropNex. The professional includes that the customer has the option to redevelop the area into a hotel change, in that situation the reservation cost would translate to a property charge of $2,662 psf ppr inclusive of an estimated land enhancement cost of $60.4 million.
The buildings rise at 1 to 9 Hoe Chiang Roadway (odd numbers solely) and 2 to 10 Lim Teck Kim Roadway (even numbers only). In addition to the remainder land, the overall location has a complete estimated 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 collective sale tender for the place will close on Mar 22 at 2pm.
Given the site’s site and redevelopment capability, Goh anticipates avid purchasing enthusiasm for the plot. She adds that due to the building cooling down solutions rolled out by the government in December 2021 and September 2022, many more property investor may turn their focus to commercial real estate sites, which are exempt to extra customer’s stamp responsibility.
A 999-year leasehold business spot bounded by Hoe Chiang Road as well as Lim Teck Kim Road will be introduced for collective sale on Jan 19, according to an announcement by marketing representative PropNex Realty, The place, which consists of 2 rows of business buildings and even a piece of portion land between them, has a reserve rate of $216 million.
Tracy Goh, head of investment and also collective sales at PropNex, observes that both existing properties on the plot are just five-storeys high. “The fortunate purchaser can redevelop this place to construct a 35-storey tower to grasp possible gains from the plot ratio of 5.6 under the URA Master Plan,” she describes.
She puts that the location provides an excellent chance to develop a new hotel or serviced apartment to serve vacationers plus company tourists. “As overseas traveling comes back post-pandemic and also the government having actually earmarked around $500 million to kick-start the travel industry, we expect Singapore’s warmth market to see a continual revival over the next few years.”
