Chinatown Plaza up for collective sale, asking S$270m

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Edmund Tie & Company is marketing the property, as well as a redevelopment site in Geylang Lorong 18

CHINATOWN Plaza has been put up for a collective sale with an asking price of S$270 million, said Edmund Tie & Company, the marketing agent for the sale, on Wednesday.

The asking price equates to S$1,989 per square foot per plot ratio (psf ppr) of potential gross floor area (GFA) with no development charge payable.

The tender exercise closes at noon on March 15.

The prime mixed-use redevelopment site at the junction of Craig Road and Neil Road is zoned for commercial and residential use under the 2014 Master Plan of the Urban Redevelopment Authority (URA).

It sits on a freehold site with a land area of about 3,154.3 sq m, and is near the Central Business District and the Keong Saik Road area, which is now dotted with food and beverage outlets, co-working spaces and boutique hotels.

Edmund Tie & Company said in a statement: "Subject to the authorities' approval, the site can be redeveloped up to its existing gross floor area of 12,610.89 sq m, exceeding the permissible plot ratio of 3.5 times as indicated in the 2014 Master Plan."

Swee Shou Fern, senior director of investment advisory at Edmund Tie & Company, said: "The developer-investor can pre-sell the residential units to capitalise on the upturn of the private residential market and hold the invaluable freehold commercial space for investment or as their corporate office.

"Given its city-centre location in a popular and vibrant enclave with proximity to MRT stations, the property is also ideal as serviced apartments or a hotel development, subject to planning approval."

Edmund Tie & Company disclosed that it is also the marketing agent for the sale of a 1,696.3 sq m redevelopment site in the Geylang neighbourhood.

The unnamed owner is putting the property up for tender, and has asked for S$36 million.

The site, which occupies the odd numbered lots 1 through 21 along Lorong 18 Geylang and offers a 60 m frontage, is being offered on a 99-year leasehold tenure.

The property is in an area that was rezoned in 2015 from residential/institution to commercial/institution under the URA's 2014 Master Plan.

The asking price reflects a land rate of S$948 psf ppr for commercial use, with a gross plot ratio of 2.8 times, or S$704 psf ppr for institution use.

At a gross plot ratio of 2.8, the site can be redeveloped into an eight-storey development with maximum allowable GFA of 4,749.6 sq m.

However, an estimated development charge of S$12.5 million may be payable to redevelop the site for commercial use at that plot ratio.

No development charge will be levied if the site is retained for institution use.

The property may be developed for restaurants, shops, offices, commercial schools and association premises if approval is obtained from the authorities.

The tender closes at 3pm on March 22.

Source: Business Times, 1 Feb 2018