Realty Centre in Tanjong Pagar up for en bloc at $165m
The freehold site has a land area of approximately 11,00 sqft and a maximum height of 35 storeys.
The Realty Centre which is an office building located at 15 Enggor Street within the Central Business District (CBD) has been put up for collective sale at $165m, an announcement by Cushman & Wakefield revealed.
The freehold site has a land area of around 11,000 sqft and is zoned for commercial use under the Urban Redevelopment’s (URA) 2014 Masterplan. It also has an allowable gross plot ratio of 5.6 and a maximum storey height of 35.
The property is located in close proximity to the Tanjong Pagar MRT station and the upcoming Prince Edward MRT Station on the Circle Line which is due to be completed by 2025. Likewise, it is in the vicinity of the Amara Hotel and Tanjong Pagar Centre.
According to Cushman & Wakefield, the plot has a verified gross floor area of approximately 59,355 sq ft which is equivalent to a plot ratio of about 5.4 times.
The land rate for the site comes to roughly $2,714 psf per plot ratio, inclusive of an estimated development charge amount of around $2.2m, Cushman & Wakefield revealed.
“This offering gives the potential developer a compelling opportunity to have a presence in our CBD,” Cushman & Wakefield’s director of capital markets Christina Sim said in a statement. “The site is also within the Tanjong Pagar Master Plan, a location slated for a massive transformation.”
The tender for Realty Centre will close on 21 February 2019 at 3 p.m.
Photo from Google Street View.