Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The premises stand at 1 to 9 Hoe Chiang Roadway (odd numbers solely) and 2 to 10 Lim Teck Kim Road (even numbers only). Together with the remainder land, the overall location has a total approximated acreage of around 18,540 sq ft. The rectangular-shaped plot is zoned for profitable usage and has a gross plot ratio of 5.6.
Tracy Goh, head of investment and also collective sales at PropNex, recognizes that both standing properties on the plot are only five-storeys high. “The fortunate customer can redevelop this site to construct a 35-storey tower to find out possible profits from the plot ratio of 5.6 following the URA Master Plan,” she discusses.
The collective sale tender for the site is going to close on Mar 22 at 2pm.
The reserve cost manages out to a projected land fee of $2,602 psf per plot ratio (psf ppr) for an office property, inclusive of a land enhancement fee of $54.1 million, according to PropNex. The professional adds that the purchaser has the alternative to redevelop the location right into a lodge change, in which instance the reservation cost would convert to a land rate of $2,662 psf ppr inclusive of an approximated land improvement charge of $60.4 million.
A 999-year leasehold commercial spot marked by Hoe Chiang Roadway as well as Lim Teck Kim Road will be launched for combined sale on Jan 19, according to an announcement by promotion representative PropNex Real estate, The site, which consists of 2 rows of commercial structures and even a part of remnant land between them, has a reserve price of $216 million.
Provided the site’s location and redevelopment potential, Goh assumes avid buying interest for the plot. She includes that because of the property cooling measures rolled out by the government in December 2021 and also September 2022, more property investor might switch their focus to commercial property places, which are not subjected to added buyer’s stamp duty.
She puts that the site presents a good chance to construct a brand-new lodging or serviced residence to help vacationers plus organization tourists. “As overseas travel carries on post-pandemic and also the state having allowed approximately $500 million to kick-start the tourism sector, we anticipate Singapore’s warmth market to view a continual recovery over the upcoming few years.”
The spot is situated near to the Greater Southern Waterfront precinct and also is inside strolling proximity to the Tanjong Pagar MRT Station, along with the upcoming Cantonment and Prince Edward Roadway MRT Stations and that are due for completion in 2026. Goh even anticipates the spot to extra gain from the recurring revitalization taking place in its vicinity. Redevelopment projects in the area consist of Keppel South Central, Newport Tower and also the past Realty Centre, whilst upcoming mixed-use property One Bernam is additionally close by.