Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The buildings rise at 1 to 9 Hoe Chiang Roadway (odd numbers only) and 2 to 10 Lim Teck Kim Road (even numbers only). Together with the remainder land, the entire site has a complete projected acreage of around 18,540 sq ft. The rectangular-shaped plot is zoned for retail use furthermore has a gross plot ratio of 5.6.
A 999-year leasehold business location marked by Hoe Chiang Roadway and Lim Teck Kim Road will be released for cumulative sale on Jan 19, according to an announcement by marketing agent PropNex Real estate, The site, which comprises two rows of commercial structures and even a piece of remainder land around them, has a reserve cost of $216 million.
The site is situated near to the Greater Southern Waterfront precinct and also is just within strolling range to the Tanjong Pagar MRT Station, together with the upcoming Cantonment and even Prince Edward Roadway MRT Stations and that are due for finish in 2026. Goh even expects the location to extra benefit from the recurring restoration occurring in its location. Redevelopment ventures in the area include Keppel South Central, Newport Tower and the former Realty Centre, while upcoming mixed-use property One Bernam is additionally close.
The reserve rate manages out to a projected land fee of $2,602 psf per plot ratio (psf ppr) for an office development, inclusive of a land improvement fee of $54.1 million, according to PropNex. The specialist includes that the customer has the choice to redevelop the area right into an accommodation property, in which situation the reserve cost would convert to a property charge of $2,662 psf ppr inclusive of a projected land improvement cost of $60.4 million.
Provided the site’s location and redevelopment capability, Goh anticipates keen acquiring interest for the plot. She includes that due to the building cooling down measures rolled out by the government in December 2021 and September 2022, many more property investor may transform their interest to business property sites, that are exempt to extra purchaser’s stamp duty.
Tracy Goh, top head of financial investment and also collective sales at PropNex, sees that both standing properties on the plot are just five-storeys high. “The victorious purchaser can redevelop this place to construct a 35-storey tower to realise potential returns from the plot ratio of 5.6 under the URA Master Plan,” she discusses.
The collective sale tender for the site is going to finalize on Mar 22 at 2pm.
She adds that the site provides a good possibility to construct a brand-new resort or serviced residence to help vacationers plus organization travellers. “As international traveling resumes post-pandemic and also the authorities having actually earmarked approximately $500 million to kick-start the travel industry, we project Singapore’s warmth industry to see a continual recovery over the upcoming couple of years.”