Commercial site in CBD relaunched for collective sale at $216 mil
The buildings are at 1 to 9 Hoe Chiang Road (odd numbers only) as well as 2 to 10 Lim Teck Kim Road (even numbers only). Along with the portion place, the whole location has a complete estimated land area of around 18,540 sq ft. The plot is zoned for commercial utilization and has a total plot ratio of 5.6.
The reserve price equates to an approximated land premium of $2,610 psf per plot ratio (ppr) for an office property development, including a land betterment charge (LBC) of $55 million. The purchaser likewise has the alternative to redevelop the location as a hotel project, and that would put the land price at $2,671 psf ppr, inclusive of the approximated LBC of $61.3 million, says PropNex.
Therefore, she prepares for the site at Hoe Chiang Road and also Lim Teck Kim Road to draw attraction from purchasers, especially offered its place and also term. “Presently, there are nothing else 999-year tenure commercial sites available for sale in the CBD,” she adds. The site is throughout strolling range of Tanjong Pagar MRT Terminal (East-West Line) as well as two upcoming stations – Cantonment and Royal prince Edward Road stations on the Circle Line – which are schedule to be ready in 2026.
Goh adds in that the spot is not affected by limitations restricting the strata neighborhood of industrial estate in the CBD, which will certainly use even more flexibility to the purchaser to redevelop the plot right into a strata-titled office complex. “The limitations on strata subdivision is expected to crimp the supply of strata-titled office units in the urban area center, as well as it will aid to prop up the demand for and costs of such office spaces.”
The Hill @ One North Kingsford Development Pte Ltd
The location, which comprises 2 rows of commercial buildings and also a part of remnant land between them, has a reserve rate of $216 million. The price is the same from the past tender launched on Jan 19 for the spot. The tender had finalized on March 22 with no offers.
A 999-year leasehold business site bounded by Hoe Chiang Roadway and also Lim Teck Kim Roadway in the Downtown Core will be relaunched for cumulative sale through tender on May 17, according to a news release by promotion representative PropNex Real estate.
The tender for the location is going to close on May 31 at 2pm.
Tracy Goh, PropNex’s head of investment and also collective sales, emphasize the business zoning of the area means that it is exempt to additional buyer’s stamp duty (ABSD). On top of that, the top office market remains resistant, with leas rising 5.1% q-o-q in 1Q2023. Goh expects the healthier office market as well as the ABSD hikes publicized as part of the recent round of cooling measures to result in renewed investment interest in the retail property section.
