It changed its zoning from residential to hotel to maximise its location potential at Civic District.
Waterloo Apartments which is located in the heritage Civic District was sold to property developer Fragrance Victory for $131.1m, Cushman & Wakefield revealed.
The property is located within the Central Area comprising the Bras Basah and Bugis precincts and provides direct travel to tourist attractions such as Fort Canning, Little India, The Esplanade, Orchard and Raffles Place Central Business District.
The development obtained an outlining planning permission (OPP) for a change in zoning from an existing ‘residential with 1st storey commercial to ‘hotel’ use with a total maximum gross floor area (GFA) of 5,606.58 sqm, the statement highlighted.
“We opted to submit an OPP and wait for the hotel approval given that the residential bloc is reeling from the blow of the July 6 measures,” Cushman & Wakefield director of capital markets Christina Sim said. “This offering gives the successful developer an opportunity to capitalise on our city’s rich heritage by building an exclusive boutique hotel befitting the Civic District.”
Each of the 30 apartment owners will be getting an approximate gross sales proceeds of $4.37m, Cushman & Wakefield added.
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