Commercial site in Hoe Chiang, Lim Teck Kim roads up for sale for $216m

Buyers could use the 18,540-square-foot site for commercial or hotel development.

A 999-year leasehold commercial site centrally located at Hoe Chiang Road and Lim Teck Kim Road is up for a collective sale for a reserve price of $216m.

The estimated land rate is $2,610 per square foot (psf) per plot ratio.

The price is already inclusive of a $55m land betterment charge (LBC).

The 18,540-square-foot site has two rows of commercial buildings and a piece of remnant land between them. 

The Urban Redevelopment Authority, under its Master Plan 2019, zoned the site for commercial use and has a gross plot ratio of 5.6.

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PropNex Realty said buyers could also redevelop the site as a hotel development, putting the land rate at $2,671 psf per plot ratio with a $61.3m estimated LBC.

The collective sale tender would close on 31 May at 2PM.