Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The site is located near the Greater Southern Waterfront district and also is just within walking proximity to the Tanjong Pagar MRT Station, together with the upcoming Cantonment and even Prince Edward Roadway MRT Terminals which are due for completion in 2026. Goh also expects the spot to extra benefit from the continuous revitalization occurring in its area. Redevelopment work in the location include Keppel South Central, Newport Tower as well as the former Real estate Centre, while upcoming mixed-use property One Bernam is additionally close by.
Tracy Goh, head of investment also collective sales at PropNex, observes that the two occurring buildings on the plot are just five-storeys high. “The victorious customer can redevelop this site to build a 35-storey high rise to grasp possible returns from the plot ratio of 5.6 following the URA Master Plan,” she clarifies.
The cumulative sale tender for the place is going to finalize on Mar 22 at 2pm.
The buildings rise at 1 to 9 Hoe Chiang Roadway (odd numbers only) together with 2 to 10 Lim Teck Kim Roadway (even numbers only). Alongside the portion land, the whole site has a complete 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.
Provided the site’s site and redevelopment possibility, Goh assumes eager acquiring interest for the plot. She includes that because of the building cooling strategies rolled out by the government in December 2021 and September 2022, even more property investor may turn their attention to business real property places, that are exempt to added buyer’s stamp duty.
The reservation cost works out to an estimated land price of $2,602 psf per plot ratio (psf ppr) for an office project, inclusive of a land enhancement cost of $54.1 million, according to PropNex. The expert includes that the purchaser has the alternative to redevelop the location into a hotel development, in which situation the reservation rate would convert to a land charge of $2,662 psf ppr inclusive of an estimated land betterment fee of $60.4 million.
She adds that the site offers a great chance to develop a new hotel or serviced residence to offer tourists plus organization travellers. “As international tour resumes post-pandemic and the government having earmarked approximately $500 million to kick-start the tourism sector, we project Singapore’s warmth market to see a sustained improvement over the upcoming couple of years.”
A 999-year leasehold commercial site marked by Hoe Chiang Road and Lim Teck Kim Road are going to be launched for cumulative sale on Jan 19, according to an announcement by marketing agent PropNex Real estate, The site, which consists of 2 rows of commercial structures and even a piece of portion land amongst them, has a reserve cost of $216 million.
