Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
Tracy Goh, top head of financial investment and collective sales at PropNex, observes that the two existing structures on the plot are just five-storeys high. “The fortunate purchaser can redevelop this site to develop a 35-storey high rise to realise possible returns from the plot ratio of 5.6 under the URA Master Plan,” she describes.
The spot is located near to the Greater Southern Waterfront district and also is inside strolling range to the Tanjong Pagar MRT Terminal, together with the upcoming Cantonment and Prince Edward Road MRT Terminals and that schedule for finish in 2026. Goh also prepares for the location to even more benefit from the continuous restoration happening in its location. Redevelopment projects in the area consist of Keppel South Central, Newport Tower and the previous Real estate Centre, while upcoming mixed-use project One Bernam is additionally nearby.
A 999-year leasehold business site bounded by Hoe Chiang Road and Lim Teck Kim Road are going to be launched for cumulative sale on Jan 19, according to a press release by promotion rep PropNex Realty, The site, which consists of 2 rows of business buildings along with a portion of portion land between them, has a reservation rate of $216 million.
She includes that the location presents an excellent opportunity to build a brand-new hotel or serviced apartment to serve visitors plus company tourists. “As international tour resumes post-pandemic and the government having earmarked around $500 million to kick-start the tourism sector, we expect Singapore’s warmth field to see a maintained improvement over the following few years.”
The reservation price goes out to an estimated land rate of $2,602 psf per plot ratio (psf ppr) for a business development, inclusive of a land betterment cost of $54.1 million, according to PropNex. The specialist includes that the purchaser has the option to redevelop the site right into an accommodation change, in which situation the reservation cost would convert to a property charge of $2,662 psf ppr inclusive of an approximated land enhancement charge of $60.4 million.
Provided the site’s location and redevelopment potential, Goh assumes keen buying enthusiasm for the plot. She replies that taking into account the property cooling measures rolled out by the administration in December 2021 and September 2022, many more real estate investors might turn their focus to business real property sites, which are exempt to added customer’s stamp responsibility.
The collective sale tender for the place will finalize on Mar 22 at 2pm.
The premises lie at 1 to 9 Hoe Chiang Road (odd numbers only) together with 2 to 10 Lim Teck Kim Roadway (even numbers only). Alongside the remnant land, the whole site has a full approximated 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.