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

Provided the area’s site and redevelopment possibility, Goh expects eager buying interest for the plot. She replies that due to the building cooling strategies rolled out by the administration in December 2021 and also September 2022, many more property investor might switch their attention to business real estate places, which are not subjected to extra customer’s stamp responsibility.

The buildings are located at 1 to 9 Hoe Chiang Road (odd numbers solely) together with 2 to 10 Lim Teck Kim Road (even numbers only). Together with the remnant land, the whole site has a total approximated land area of around 18,540 sq ft. The rectangular-shaped plot is zoned for commercial usage and has a gross plot ratio of 5.6.

She includes that the location presents a great chance to build a new resort or serviced apartment to help visitors plus organization tourists. “As foreign travel carries on post-pandemic and also the state having reserved approximately $500 million to kick-start the travel sector, we expect Singapore’s hospitality market to see a maintained improvement over the upcoming couple of years.”

Tracy Goh, head of financial investment and collective sales at PropNex, sees that both standing structures on the plot are exclusively five-storeys high. “The successful purchaser can redevelop this site to build a 35-storey tower to grasp prospective profits from the plot ratio of 5.6 under the URA Master Plan,” she describes.

Midtown Modern Tan Quee Lan Street price

The site is positioned near to the Greater Southern Waterfront district and also is within strolling proximity to the Tanjong Pagar MRT Terminal, in addition to the upcoming Cantonment and even Prince Edward Road MRT Terminals which schedule for finish in 2026. Goh also expects the location to further gain from the continuous restoration occurring in its location. Redevelopment ventures in the location consist of Keppel South Central, Newport Tower as well as the former Real estate Centre, whilst upcoming mixed-use property One Bernam is also nearby.

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

The reserve price manages out to an approximated land rate of $2,602 psf per plot ratio (psf ppr) for a workplace property, inclusive of a land improvement fee of $54.1 million, according to PropNex. The professional includes that the customer has the option to redevelop the location right into a hotel change, in that case the reservation price would equate to a property price of $2,662 psf ppr inclusive of a projected land enhancement cost of $60.4 million.

A 999-year leasehold commercial spot bounded by Hoe Chiang Roadway as well as Lim Teck Kim Roadway will be introduced for collective sale on Jan 19, according to a news release by marketing rep PropNex Real estate, The area, which comprises 2 rows of business buildings and even a portion of remnant land amongst them, has a reservation price of $216 million.

error: Content is protected !!