Hoe Chiang Road and Lim Teck Kim commercial site for collective sale for $216m
The 999-year leasehold has a total land area of 1,722.5 sqm.
A commercial site in Hoe Chiang Road and Lim Teck Kim Road with a 999-year leasehold is being launched for collective sale for a reserve price of $216m on 19 January, PropNex Realty announced.
The plot is made up of two sites and a remnant land in between, with a total estimated land area of 1,722.5 sqm (apprximately 18,540 sqft) in a rectangular-shaped plot.
The reserve price puts the land rate at an estimated $2,602 psf per plot ratio for an office development, and is inclusive of an estimated land betterment charge (LBC) of $54.1m.
Interested buyers also have the option to redevelop the site as a hotel, which will see the reserve price translating to a land rate of $2,662 psf ppr inclusive of the estimated LBC of $60.4m.
Under the Master Plan 2019, the subject site is zoned for commercial use and has a gross plot ratio of 5.6.
Currently the two buildings in the Hoe Chiang Road and Lim Teck Kim Road plots are only 5-storey high and can be redeveloped to build a 35-storey tower, said Tracy Goh, head of investment and collective sales, PropNex.
“With the ongoing rejuvenation in the vicinity – including redevelopment projects such as Keppel South Central, Newport Tower, and the former Realty Centre – as well as the government’s plan to further enliven downtown Singapore, we believe this site presents a good opportunity to build a new hotel or serviced apartments to serve tourists and business travellers,” Goh added.
The site has a dual frontage to Hoe Chiang Road and Lim Teck Kim Road. It is also within walking distance to the Tanjong Pagar MRT station, as well as two upcoming stations, Cantonment and Prince Edward Road stations on the Circle Line which are slated to be ready in 2026.
The collective sale tender will close at 2PM on 22 March 2023.