Commercial Space At Telok Blangah House Can Be Turned Into Coworking Space
SINGAPORE – Telok Blangah House, a 9-storey project along 52 Telok Blangah Road comprising 4 floors of commercial units and 5 levels of apartments, has been launched for en bloc sale with an indicative price of S$98 million, reported The Edge on Monday evening (28 March, SGT).
Based on the commercial property’s freehold site spanning 14,841 sq ft and maximum permissible gross floor area (GFA) of about 51,943 sq ft, appointed marketing agent SRI Capital Market said the guide price translates to a land rate of roughly S$1,887 psf per plot ratio (psf ppr), with zero or minimal development charge payable, subject to baseline verification.
The indicative price, which is based on the site’s allowable gross plot ratio (GPR), assumes 60 percent of the GFA would be intended for residential use, while 40 percent would be allocated for commercial use.
Based on this ratio, if Telok Blangah House is redeveloped, it could potentially generate 20,788 sq ft of commercial space and 34 new residential units with an average size of 917 sq ft.
“Apart from the conventional redevelopment, the site may potentially be positioned to be redeveloped into a single integrated boutique development comprising both co-living and co-working spaces,” said Low Choon Sin, Managing Partner at SRI Capital Market, who added that the site could gain from increasing development of the area, in accordance with the master plan for the Greater Southern Waterfront (GSW).
Under the 2019 Master Plan, the site of Telok Blangah House is zoned for commercial and residential use, with a permissible gross plot ratio of 3.5.
The mixed-use development is situated in District 4, directly across from VivoCity. The project is just 200 metres from the Harbourfront MRT Station via a sheltered walkway.
The public tender for Telok Blangah House shall close at 3pm on 5 May 2022.
