Commercial site at Hoe Chiang Road and Lim Teck Kim Road up for collective sale at $216 mil

and the upcoming Cantonment MRT Station with our Property Finder.

PropNex Realty has announced the launch of a 999-year leasehold commercial site, bounded by Hoe Chiang Road and Lim Teck Kim Road, for collective sale. Situated close to the Greater Southern Waterfront precinct and within walking distance of the Tanjong Pagar MRT Station and upcoming Cantonment and Prince Edward Road Stations, this plot of land offers a tremendous redevelopment opportunity.

The site comprises two rows of commercial buildings alongside a piece of remnant land, and has a total estimated land area Senja Close EC of around 18,540 sq ft. Its rectangular shape would allow the successful buyer to build a 35-storey tower, taking advantage of the plot ratio of 5.6 under the URA Master Plan.

This prime location presents numerous opportunities for a potential buyer; with international travel projected to resume post-pandemic and government investment in the tourism industry, this could be a great opportunity for someone to develop a new hotel or serviced apartment in the area. It is also surrounded by revitalisation projects such as One Bernam, Keppel South Central, Newport Tower and the former Realty Centre, which have boosted the potential of the area.

The reserve price set for the site is a land rate of $2,602 psf per plot ratio (psf ppr) for an office development, inclusive of a land betterment charge of $54.1 million. Alternatively, should a buyer want to redevelop the site into a hotel, the reserve price would be a land rate of $2,662 psf ppr inclusive of a land betterment charge of $60.4 million.

Tracy Goh, head of investment and collective sales at PropNex, comments that the property cooling measures applied by the government in December 2021 and September 2022 has meant many real estate investors are looking to commercial property sites, which are not subjected to additional buyer’s stamp duty.

The collective sale tender for the site will close on Mar 22 at 2pm. Given the potential of the plot, Goh anticipates keen buying interest to be expressed.

For those wishing to find out more, check out the latest listings near Hoe Chiang Road, Lim Teck Kim Road, Tanjong Pagar MRT Station, Prince Edward Road, and Cantonment MRT Station with the EdgeProp Property Finder.