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

MRT Station, and Cantonment MRT Station on EdgeProp.sg

A 999-year leasehold commercial site with potential for redevelopment is set for collective sale on Jan 19. Situated in the Hoe Chiang Road and Lim Teck Kim Road area, the site comprises two rows of buildings, alongside a piece of remnant land, with a reserve price of $216 million.

With a total estimated land area of 18,540 sq ft, the rectangular-shaped plot is zoned for commercial use and has a gross plot ratio of 5.6. The reserve price works out to an estimated 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. For a potential hotel development, the Tengah EC reserved price translates to a land rate of $2,662 psf ppr, including an estimated land betterment charge of $60.4 million.

Tracy Goh of PropNex Realty, the marketing agent for the site, highlights the potential to redevelop the existing five-storey buildings into a 35-storey tower to take advantage of the Master Plan’s plot ratio of 5.6. Moreover, in the light of the government’s plans to kickstart the tourism sector with $500 million in funding, Goh sees the site as offering a good opportunity for new hotel or serviced apartment developments.

The Hoe Chiang Road property is located close to the Greater Southern Waterfront precinct, as well as the established Tanjong Pagar MRT Station, with two more MRT station, Prince Edward Road and Cantonment or due for completion in 2026. It is also in close proximity to several redevelopment projects in the area, such as Keppel South Central, Newport Tower, the former Realty Centre, and the upcoming One Bernam.

Given its location and redevelopment potential, Goh anticipates there will be keen interest in the site. This is further boosted by the fact that commercial property sites are not subjected to additional buyer’s stamp duty compared to property cooling measures imposed on residential sites.

The collective sale tender for the site will close on Mar 22 at 2pm. With so much to offer, time is of the essence for potential buyers!