Prime freehold redevelopment site within the city centre for sale

31 Jan 2018
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 Media release

Prime freehold redevelopment site within the city centre for sale

Singapore, 31 January 2018: Edmund Tie & Company (SEA) Pte Ltd has been appointed the sole marketing agent for the collective sale of Chinatown Plaza. This is a rarely available prime mixed-use redevelopment site in the city centre.

The freehold site has a land area of approximately 3,154.3 sq m (33,953 sq ft) and is zoned for “Commercial and Residential” use under Master Plan 2014. Subject to authorities’ approval, the site can be redeveloped up to its existing gross floor area of 12,610.89 sq m (approximately 135,742 sq ft), exceeding the permissible plot ratio of 3.5 as indicated in the 2014 Master Plan.

Boasting a commanding dual road frontage at the junction of Craig Road and Neil Road with unobstructed view of the city skyline, the property enjoys a strategic location in one of Singapore’s most trendy neighbourhood. The area is home to many cool and stylish restaurants and cafes including Xi Yan Private Dining, Potato Head Folk, Burnt Ends, Man Man Unagi Restaurant, Esquina, Luxe Sydney, Lokal and many more.

Chinatown Plaza enjoys excellent connectivity to the rest of Singapore, with 3 MRT stations (Tanjong Pagar, Maxwell and Outram Park) on 3 MRT lines within a 400-metre radius. The property is also well-served by the Central Expressway (CTE), Cantonment Road, New Bridge Road, Eu Tong Sen Street, etc. It is a mere 5 minutes’ drive to Raffles Place and 10 minutes’ drive to Orchard Road.

Swee Shou Fern, Senior Director of Investment Advisory, commented: “Freehold mixed-use sites within the city centre are very hard to come by. Over the years, the precinct has witnessed an influx of a slew of stylish cafes and restaurants, co-working space and boutique hotels, transforming the area into a vibrant F&B and lifestyle enclave. Chinatown Plaza is an exceptional offering which presents many exciting opportunities and possibilities. The astute developer can redevelop the property into a mixed commercial and residential project, which includes an upscale boutique residential component that will appeal to the millennials and property investors. The develop-investor can pre-sell the residential units to capitalize 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 a serviced apartments or hotel development, subject to planning approval.”

The asking price for the property is $270 million, or $1,989 psf ppr of potential GFA. No development charge is payable.

The tender exercise will close on Thursday, 15 March at 12 noon.

ENDS

 

For further information contact:

Swee Shou Fern (Ms)
Senior Director
Investment Advisory
DID: +65 6393 2523
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media please contact:

Lawrence Lui (Mr)
Senior Executive
Corporate Communications
DID: +65 6393 2510
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

About Edmund Tie & Company

Headquartered in Singapore and supported by offices in Kuala Lumpur and Bangkok, Edmund Tie & Company is an established real-estate consulting firm that operates across Malaysia, Thailand and other countries in Southeast Asia and beyond.

Led by some of the most highly credentialed experience in Southeast Asia, the firm offers a comprehensive and integrated suite of real estate advisory and agency services that includes: commercial and retail agency (covering office and industrial, occupier services and retail); residential agency; investment advisory; auction, tender and private treaty sales; valuation advisory (including statutory valuation and property tax); property management; hospitality management; and research and consulting.

We are committed to providing the highest quality in property consultancy that adds value to the assets of our clients in a manner that exceeds their expectations. We achieve this through a unique insight that springs from our Asian identity, an extensive contact base, a multi-disciplined range of expertise founded on depth of experience, standards that are international and a professional practice that adheres to the highest ethical principles.

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