Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
A 999-year leasehold commercial location marked by Hoe Chiang Road and also Lim Teck Kim Roadway will be introduced for cumulative sale on Jan 19, according to an announcement by marketing rep PropNex Realty, The place, which consists of two rows of business structures along with a portion of portion land around them, has a reservation cost of $216 million.
The premises stand at 1 to 9 Hoe Chiang Roadway (odd numbers only) together with 2 to 10 Lim Teck Kim Road (even numbers only). Together with the remnant land, the overall location has a complete projected land area of around 18,540 sq ft. The rectangular-shaped plot is zoned for profitable use furthermore has a gross plot ratio of 5.6.
She includes that the site provides a great chance to build a brand-new lodging or serviced apartment to offer visitors and company travellers. “As foreign traveling comes back post-pandemic and also the state having earmarked about $500 million to kick-start the tourism market, we project Singapore’s hospitality industry to view a continual revival over the next few years.”
The collective sale tender for the site is going to close on Mar 22 at 2pm.
The reserve cost goes out to an approximated land rate of $2,602 psf per plot ratio (psf ppr) for a business property, inclusive of a land betterment cost of $54.1 million, according to PropNex. The expert adds that the purchaser has the choice to redevelop the site into a hotel property, in that instance the reserve price would equate to a land charge of $2,662 psf ppr inclusive of an approximated land enhancement charge of $60.4 million.
The site is positioned near to the Greater Southern Waterfront precinct and also is within strolling distance to the Tanjong Pagar MRT Station, together with the upcoming Cantonment and Prince Edward Roadway MRT Stations and that are due for finish in 2026. Goh also prepares for the spot to even more take advantage of the recurring revitalization happening in its location. Redevelopment ventures in the area include Keppel South Central, Newport Tower and also the previous Realty Centre, whilst upcoming mixed-use property One Bernam is additionally nearby.
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Given the site’s site and redevelopment capability, Goh expects eager buying enthusiasm for the plot. She adds that in light of the building cooling strategies rolled out by the government in December 2021 and also September 2022, more investor might turn their focus to business property sites, that are not subjected to added buyer’s stamp duty.
Tracy Goh, head of financial investment also collective sales at PropNex, observes that both standing properties on the plot are exclusively five-storeys high. “The successful purchaser can redevelop this place to construct a 35-storey high rise to realise prospective returns from the plot ratio of 5.6 under the URA Master Plan,” she explains.
