Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The premises are located at 1 to 9 Hoe Chiang Road (odd numbers only) together with 2 to 10 Lim Teck Kim Roadway (even numbers only). In addition to the portion land, the overall location has a full estimated land area of around 18,540 sq ft. The rectangular-shaped plot is zoned for commercial use furthermore has a gross plot ratio of 5.6.
The collective sale tender for the place will finalize on Mar 22 at 2pm.
Tracy Goh, head of investment and also cumulative sales at PropNex, recognizes that the two standing structures on the plot are just five-storeys high. “The fortunate customer can redevelop this place to build a 35-storey high rise to find out prospective gains from the plot ratio of 5.6 following the URA Master Plan,” she describes.
The site is situated near the Greater Southern Waterfront precinct and also is inside strolling proximity to the Tanjong Pagar MRT Terminal, together with the upcoming Cantonment and Prince Edward Road MRT Terminals which schedule for completion in 2026. Goh also anticipates the location to further benefit from the ongoing restoration happening in its location. Redevelopment ventures in the location consist of Keppel South Central, Newport Tower and the previous Realty Centre, while upcoming mixed-use property One Bernam is even close.
Provided the area’s place and redevelopment potential, Goh assumes eager buying enthusiasm for the plot. She adds that taking into account the property cooling solutions rolled out by the government in December 2021 and September 2022, even more investor might turn their attention to commercial real property places, which are exempt to extra customer’s stamp responsibility.
A 999-year leasehold business site marked by Hoe Chiang Road as well as Lim Teck Kim Roadway will be introduced for combined sale on Jan 19, according to a news release by promotion rep PropNex Realty, The area, which makes up two rows of business establishments and a portion of portion land between them, has a reservation rate of $216 million.
The reservation price manages out to a projected land rate of $2,602 psf per plot ratio (psf ppr) for a business development, inclusive of a land improvement cost of $54.1 million, according to PropNex. The specialist adds that the buyer has the option to redevelop the area right into a lodge development, in which instance the reservation rate would certainly convert to a property price of $2,662 psf ppr inclusive of an estimated land enhancement cost of $60.4 million.
She includes that the site presents an excellent chance to build a brand-new hotel or serviced flat to serve tourists and organization tourists. “As overseas tour carries on post-pandemic and also the state having earmarked about $500 million to kick-start the tourism sector, we expect Singapore’s warmth market to view a sustained improvement over the following couple of years.”