Tanjong Pagar Commercial Site Makes Another En Bloc Sale Attempt
SINGAPORE – Marketing agent PropNex announced that a commercial site at Lim Teck Kim Road and Lim Teck Kim Road will again be launched for collective sale through public tender on Wednesday (17 May), reported The Business Times on Tuesday afternoon (16 May, SGT).
However, the reserve price remains the same at S$216 million. Previously, the commercial property was first put up for en bloc sale on 19 January 2023, but the tender closed on 22 March sans any bidders.
On the 999-year leasehold site just off Tanjong Pagar Road, stands two five-storey buildings whose backs face each other, with a parcel of remnant land between them. Both structures were completed in 1959. Their addresses are 2, 4, 6, 8 and 10 Lim Teck Kim Road, as well as 1, 3, 5, 7 and 9 Hoe Chiang Road.
The Lim Teck Kim Road site’s land area measures 8,450 sq ft, while that of Hoe Chiang Road spans 8,449 sq ft. Including the remnant land, their overall land area is about 18,540 sq ft. It also has a plot ratio of 5.6.
The land plot is zoned for commercial use. PropNex said if it will be utilised for an office project, the land rate is estimated to be around S$2,610 psf per plot ratio (ppr), inclusive of a land betterment charge (LBC) of S$55 million.
PropNex’s Head of investment and collective sales Tracy Goh noted that this is currently the only 999-year leasehold commercial site up for grabs in Singapore’s central business district (CBD).
“The Hoe Chiang Road/Lim Teck Kim Road site is not affected by restrictions limiting the strata subdivision of commercial property in the CBD, which will offer more flexibility to the purchaser to redevelop this plot into an iconic strata-titled office building,” she disclosed.
Furthermore, the site is near the existing Tanjong Pagar MRT Station as well as two upcoming MRT stations – Cantonment and Prince Edward Road – that will start operations in 2026.
The public tender for 2, 4, 6, 8 and 10 Lim Teck Kim Road, as well as 1, 3, 5, 7 and 9 Hoe Chiang Road will close on 31 May 2023 at 2pm.