Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil

The structures lie 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 entire site has a full estimated land area of around 18,540 sq ft. The rectangular-shaped plot is zoned for retail use furthermore has a gross plot ratio of 5.6.

She puts that the location presents an excellent possibility to construct a new resort or serviced apartment to help travelers plus organization travellers. “As international tour comes back post-pandemic and also the government having earmarked around $500 million to kick-start the tourism market, we anticipate Singapore’s warmth sector to observe a maintained recovery over the next couple of years.”

Sceneca Residences floor plan

The reserve price goes out to a projected land rate of $2,602 psf per plot ratio (psf ppr) for a workplace property, inclusive of a land improvement cost of $54.1 million, according to PropNex. The specialist includes that the buyer has the alternative to redevelop the area into a lodge change, in that case the reserve cost will convert to a land rate of $2,662 psf ppr inclusive of an estimated land improvement fee of $60.4 million.

Tracy Goh, top head of investment and also collective sales at PropNex, observes that both occurring buildings on the plot are just five-storeys high. “The fortunate customer can redevelop this place to construct a 35-storey high rise to find out possible profits from the plot ratio of 5.6 under the URA Master Plan,” she explains.

The site is positioned near to the Greater Southern Waterfront precinct and also is within walking proximity to the Tanjong Pagar MRT Station, together with the upcoming Cantonment and Prince Edward Roadway MRT Terminals and that are due for finish in 2026. Goh also expects the spot to extra benefit from the recurring rejuvenation happening in its vicinity. Redevelopment work in the location involve Keppel South Central, Newport Tower and also the past Realty Centre, while upcoming mixed-use project One Bernam is even close.

Given the site’s site and redevelopment potential, Goh assumes keen purchasing interest for the plot. She replies that in light of the property cooling down solutions rolled out by the government in December 2021 and September 2022, even more investor may transform their attention to commercial property places, which are exempt to extra customer’s stamp duty.

The collective sale tender for the site is going to finalize on Mar 22 at 2pm.

A 999-year leasehold commercial site marked by Hoe Chiang Roadway and also Lim Teck Kim Road will be released for cumulative sale on Jan 19, according to a press release by promotion representative PropNex Real estate, The area, which comprises two rows of commercial establishments and a piece of remnant land between them, has a reservation cost of $216 million.

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