Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The location is positioned near the Greater Southern Waterfront precinct and also is inside strolling proximity to the Tanjong Pagar MRT Station, in addition to the upcoming Cantonment and even Prince Edward Roadway MRT Stations which are due for finish in 2026. Goh even expects the spot to further take advantage of the continuous rejuvenation taking place in its vicinity. Redevelopment ventures in the location include Keppel South Central, Newport Tower and the past Real estate Centre, whilst upcoming mixed-use property One Bernam is even close.
The buildings stand at 1 to 9 Hoe Chiang Road (odd numbers only) and 2 to 10 Lim Teck Kim Road (even numbers only). In addition to the remainder land, the entire spot has a complete estimated 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.
The collective sale tender for the site will finalize on Mar 22 at 2pm.
She includes that the site offers a good opportunity to construct a brand-new lodging or serviced residence to serve tourists and company tourists. “As foreign travel carries on post-pandemic and the government having allowed approximately $500 million to kick-start the travel market, we expect Singapore’s warmth field to view a sustained revival over the upcoming couple of years.”
Given the area’s location and redevelopment capability, Goh expects eager buying interest for the plot. She replies that due to the property cooling measures rolled out by the administration in December 2021 and September 2022, many more real estate investors may turn their focus to commercial property places, that are exempt to added purchaser’s stamp responsibility.
The reservation cost goes out to an estimated land price of $2,602 psf per plot ratio (psf ppr) for a business development, inclusive of a land betterment fee of $54.1 million, according to PropNex. The expert includes that the purchaser has the option to redevelop the site into a lodge change, in that situation the reservation cost would certainly equate to a property rate of $2,662 psf ppr inclusive of an estimated land improvement fee of $60.4 million.
A 999-year leasehold business site bounded by Hoe Chiang Roadway and also Lim Teck Kim Road are going to be launched for combined sale on Jan 19, according to a news release by promotion agent PropNex Real estate, The site, which consists of two rows of commercial establishments and even a part of remnant land around them, has a reserve cost of $216 million.
Tracy Goh, top head of investment also cumulative sales at PropNex, recognizes that both standing structures on the plot are just five-storeys high. “The fortunate purchaser can redevelop this place to construct a 35-storey high rise to grasp potential gains from the plot ratio of 5.6 following the URA Master Plan,” she discusses.