Tanjong Pagar Commercial Bldgs To Launch For En Bloc Sale
SINGAPORE – Marketing agent PropNex announced that two adjacent 5-storey commercial buildings in Tanjong Pagar that can be potentially redeveloped into Grade A Office Space is poised to be launched for en bloc sale in mid-November, according to a report from The Business Times that was updated on Tuesday afternoon (27 September, SGT).
This is after the collective sale committee (CSC) obtained the required consent from at least 80 percent of the unit owners.
Completed in 1959, the commercial properties stand on 999-year leasehold land zoned for commercial use. The site has a gross plot ratio (GPR) of 5.6.
The sites are located along Hoe Chiang Road and Lim Teck Kim Road, with their backs facing each other. The Hoe Chiang Road site measures 8,449 sq ft, while the Lim Teck Lim Road spans 8,450 sq ft.
If the two sites are combined and will include the 1,643 sq ft remnant state land between them, the overall land area will reach18,542 sq ft. PropNex said this will form a relatively squarish plot that’s ideal for a Grade A office project.
The marketing agent disclosed that boths sites will be launched together for collective sale after an ongoing exercise to verify their gross floor area (GFA) is finished. The exercise will give would-be buyers further clarity on the land betterment charge (LBC) rate they will need to pay.
At present, each of the buildings consists of five commercial units on the first floor and 20 residential units on top.
“The buyer can transform this site into a 35-storey building to realise potential gains from the plot ratio of 5.6,” said Tracy Goh, Head of investment and collective sales at PropNex. She pointed out that the asset’s 999-year leasehold tenure presents “a rare investment and redevelopment opportunity.”
“We anticipate that a 999-year leasehold Grade A office building in the CBD and near the future Greater Southern Waterfront precinct has the potential for healthy capital appreciation in the years to come,” she added.