Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil
The buildings stand at 1 to 9 Hoe Chiang Roadway (odd numbers only) and 2 to 10 Lim Teck Kim Roadway (even numbers only). In addition to the remnant land, the overall site has a complete estimated land area of around 18,540 sq ft. The rectangular-shaped plot is zoned for retail use furthermore has a gross plot ratio of 5.6.
She adds that the site provides a great opportunity to develop a brand-new hotel or serviced flat to offer travelers and organization tourists. “As overseas traveling comes back post-pandemic and also the state having earmarked around $500 million to kick-start the tourism sector, we anticipate Singapore’s hospitality field to see a maintained improvement over the upcoming couple of years.”
Provided the site’s location and redevelopment potential, Goh assumes avid buying enthusiasm for the plot. She replies that taking into account the real estate cooling measures rolled out by the state in December 2021 and September 2022, many more property investor may turn their interest to business real estate places, which are exempt to added customer’s stamp duty.
The cumulative sale tender for the site is going to finalize on Mar 22 at 2pm.
A 999-year leasehold business spot marked by Hoe Chiang Road as well as Lim Teck Kim Roadway will be introduced for combined sale on Jan 19, according to a press release by marketing rep PropNex Real estate, The place, which makes up two rows of commercial structures and a portion of remnant land amongst them, has a reserve cost of $216 million.
The site is located near to the Greater Southern Waterfront district and is just within walking range to the Tanjong Pagar MRT Terminal, along with the upcoming Cantonment and even Prince Edward Roadway MRT Stations and that schedule for finalization in 2026. Goh also prepares for the site to further take advantage of the continuous rejuvenation happening in its location. Redevelopment work in the location consist of Keppel South Central, Newport Tower and also the past Real estate Centre, while upcoming mixed-use project One Bernam is additionally nearby.
Tracy Goh, head of financial investment and cumulative sales at PropNex, observes that the two occurring buildings on the plot are exclusively five-storeys high. “The fortunate buyer can redevelop this site to construct a 35-storey tower to find out potential profits from the plot ratio of 5.6 under the URA Master Plan,” she describes.
The reservation rate works out to a projected land fee of $2,602 psf per plot ratio (psf ppr) for a business property, inclusive of a land improvement cost of $54.1 million, according to PropNex. The expert incorporates that the customer has the alternative to redevelop the site right into a lodge change, in which case the reservation price would translate to a land price of $2,662 psf ppr inclusive of a projected land enhancement charge of $60.4 million.