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

The structures 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 land, the entire site has a complete projected land area of around 18,540 sq ft. The plot is zoned for industrial usage as well as has a complete plot ratio of 5.6.

A 999-year leasehold business location bounded by Hoe Chiang Roadway as well as Lim Teck Kim Roadway in the Business district Core are going to be relaunched for shared sale through tender on May 17, according to a press release by promotion agent PropNex Real estate.

The site, which makes up two rows of business buildings and also a portion of remnant land in between them, has a reservation cost of $216 million. The price is unmodified from the past tender kicked off on Jan 19 for the place. The tender had sealed on March 22 without any bids.

The reserve cost translates to a projected land price of $2,610 psf per plot ratio (ppr) for a workplace development, consisting of a land betterment charge (LBC) of $55 million. The buyer also has the alternative to redevelop the location as a resort project, which would place the real estate rate at $2,671 psf ppr, inclusive of the quoted LBC of $61.3 million, states PropNex.

Goh includes that the spot is not impacted by limitations restricting the strata community of business real estate in the CBD, which will supply more versatility to the buyer to redevelop the plot right into a strata-titled office complex. “The restrictions on strata community is anticipated to scrunch the supply of strata-titled workplace units in the city centre, and also it will certainly assist to uphold up the demand for and costs of such office.”

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Tracy Goh, PropNex’s head of investment and also cumulative sales, highlights the business zoning of the site suggests that it is not subjected to additional buyer’s stamp duty (ABSD). Furthermore, the top office sector remains durable, with leas climbing 5.1% q-o-q in 1Q2023. Goh expects the strong office market as well as the ABSD hikes declared as portion of the latest round of cooling down procedures to create renewed investment attention in the business real estate section.

Thus, she prepares for the site at Hoe Chiang Road and also Lim Teck Kim Roadway to draw attraction from purchasers, specifically given its place and term. “Presently, there are nothing else 999-year tenure commercial sites available for sale in the CBD,” she includes. The website is throughout strolling range of Tanjong Pagar MRT Terminal (East-West Line) as well as two upcoming terminals – Cantonment and Royal prince Edward Road terminals on the Circle Line – that are schedule to be prepared in 2026.

The tender for the spot is going to shut on May 31 at 2pm.

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