SINGAPORE (EDGEPROP) - A freehold mixed-use site in Singapore’s CBD is up for sale at a guide price of $715 million, according to JLL, which is marketing the property.
The property at 15 Hoe Chiang Road spans a 39,337 sq ft site with a gross floor area (GFA) of 248,483 sq ft. It has been approved for hospitality use.
The site is bounded on three sides, by Hoe Chiang Road, Lim Teck Kim Road and Cantonment Road to the south of the CBD, across from the Tanjong Pagar Terminal container port.
Upon redevelopment, future occupants can enjoy sea views towards the Sentosa Island and the Southern Islands, says JLL.
The property is within close proximity to Tanjong Pagar MRT Station on the East-West Line, and Outram Park Interchange Station on the East-West and North-East Lines. By 2025, two more MRT stations will be added to its immediate vicinity: Prince Edwards and Cantonment on the Circle Line.
Investors will have the option to convert the site plan to at least 60% residential GFA (“residential & commercial”); or a full hotel with a 25% additional gross plot ratio; or to “residential with commercial at the first storey” with a 30% additional GPR, subject to planning approval from the URA, says JLL.
There will be no additional buyer’s stamp duty payable and no foreign ownership restrictions on the sale of the property.
The expression of interest exercise for the property closes on Sept 11 at 2.30pm.
Check out the latest listings near Hoe Chiang Road, Lim Teck Kim Road, Cantonment Road, Tanjong Pagar MRT Station, Outram Park MRT Station
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