Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The location is positioned near the Greater Southern Waterfront precinct and is inside strolling distance to the Tanjong Pagar MRT Terminal, along with the upcoming Cantonment and Prince Edward Road MRT Terminals and that schedule for finalization in 2026. Goh even anticipates the spot to even more take advantage of the continuous rejuvenation occurring in its area. Redevelopment work in the location involve Keppel South Central, Newport Tower and the previous Realty Centre, while upcoming mixed-use property One Bernam is additionally close by.
She adds that the site offers a great opportunity to build a new lodging or serviced apartment to help visitors plus organization tourists. “As international travel comes back post-pandemic and also the authorities having actually allowed approximately $500 million to kick-start the travel industry, we project Singapore’s warmth sector to view a sustained improvement over the upcoming few years.”
The premises rise at 1 to 9 Hoe Chiang Roadway (odd numbers solely) together with 2 to 10 Lim Teck Kim Road (even numbers only). Together with the portion land, the entire spot has a complete estimated acreage of around 18,540 sq ft. The rectangular-shaped plot is zoned for commercial use and has a gross plot ratio of 5.6.
The reserve cost goes out to a projected land price of $2,602 psf per plot ratio (psf ppr) for an office project, inclusive of a land betterment charge of $54.1 million, according to PropNex. The specialist incorporates that the customer has the alternative to redevelop the area right into a lodge change, in that case the reservation price will convert to a land price of $2,662 psf ppr inclusive of a projected land enhancement fee of $60.4 million.
Tracy Goh, head of investment and cumulative sales at PropNex, observes that the two occurring structures on the plot are only five-storeys high. “The victorious buyer can redevelop this place to construct a 35-storey high rise to find out potential profits from the plot ratio of 5.6 following the URA Master Plan,” she clarifies.
Provided the site’s location and redevelopment capability, Goh expects keen acquiring enthusiasm for the plot. She replies that in light of the real estate cooling down strategies rolled out by the government in December 2021 and also September 2022, more property investor may transform their attention to commercial real property sites, which are not subjected to extra customer’s stamp responsibility.
A 999-year leasehold business spot marked by Hoe Chiang Roadway and Lim Teck Kim Road will be released for collective sale on Jan 19, according to an announcement by marketing representative PropNex Realty, The area, which consists of 2 rows of business structures and a piece of remainder land around them, has a reserve cost of $216 million.
The collective sale tender for the place will close on Mar 22 at 2pm.