Commercial site in CBD relaunched for collective sale at $216 mil

The reserve price converts to a projected land premium of $2,610 psf per plot ratio (ppr) for an office enhancement, consisting of a land betterment charge (LBC) of $55 million. The buyer also has the alternative to redevelop the location as a hotel development, and that would certainly put the real estate price at $2,671 psf ppr, inclusive of the approximated LBC of $61.3 million, claims PropNex.

Therefore, she prepares for the location at Hoe Chiang Road as well as Lim Teck Kim Road to pull attention from customers, particularly offered its area and also tenure. “Currently, there are nothing else 999-year term commercial spots for sale in the CBD,” she adds. The website is within walking range of Tanjong Pagar MRT Station (East-West Line) along with 2 upcoming terminals – Cantonment also Prince Edward Roadway stations on the Circle Line – which are schedule to be prepared in 2026.

The establishments are at 1 to 9 Hoe Chiang Road (odd numbers only) and 2 to 10 Lim Teck Kim Roadway (even numbers only). Together with the portion place, the entire location has an overall projected acreage of around 18,540 sq ft. The plot is zoned for business use and has a total plot ratio of 5.6.

The area, which consists of two rows of business buildings and a part of remnant land in between them, has a reserve rate of $216 million. The rate is unchanged from the former tender released on Jan 19 for the place. The tender had already finalized on March 22 without any proposals.

Tracy Goh, PropNex’s head of investment and cumulative sales, emphasize the industrial zoning of the place suggests that it is exempt to additional buyer’s stamp duty (ABSD). Additionally, the top office industry stands durable, with rents increasing 5.1% q-o-q in 1Q2023. Goh anticipates the strong office industry and also the ABSD hikes publicized as portion of the new round of cooling down actions to create renewed investment interest in the business real estate sector.

The tender for the spot will close on May 31 at 2pm.

A 999-year leasehold commercial location bounded by Hoe Chiang Road and also Lim Teck Kim Roadway in the Business district Core are going to be relaunched for cumulative sale using tender on May 17, according to an announcement by promotion agent PropNex Realty.

Sky Eden showflat location

Goh adds that the site is not affected by limitations limiting the strata community of business real estate in the CBD, which will provide more versatility to the customer to redevelop the plot into a strata-titled office building. “The limitations on strata subdivision is anticipated to scrunch the supply of strata-titled workplace units in the urban area center, as well as it will assist to prop up the necessity for and rates of such workplace.”

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