Hotel redevelopment site at Waterloo Street with 999-year tenure on collective sale
By Timothy Tay
/ EdgeProp Singapore |
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A 27-unit residential development at Waterloo Street, with a vacant commercial unit on its first floor, has been launched for collective sale. The development, called Min Yuan, comes with an asking price of $145 million. Accounting for a payable development charge of $19.55 million, the land price translates to about $2,678 psf per plot ratio, says marketing agent CBRE.
The property sits on a 14,629 sq ft plot at 62 Waterloo Street that has a 999-year tenure. While it is currently zoned for “residential with commercial at first storey” use under the 2014 Master Plan, the site can be developed into a hotel building at a plot ratio of 4.2, or a maximum permissible gross floor area of about 61,443 sq ft, based on URA Outline Planning Permission advice.
The site can be developed into a hotel building based on URA Outline Planning Permission advice. (Picture: CBRE)
For price trends, recent transactions, other project info, check out the Min Yuan, and Waterloo Apartments project details page
“The subject property presents a timely opportunity for buyers to capitalise on the government’s Draft Master Plan 2019 announcement to further invigorate and anchor the Bugis, Bras Basah, Fort Canning and Civic District as a cultural and lifestyle destination,” says Galven Tan, executive director of capital markets and residential services at CBRE. The future hotel development will also enjoy unblocked panoramic views of Singapore’s CBD skyline and the Fort Canning Park, he adds.
Last year, tourist arrivals grew 6.2% y-o-y to 18.5 million, and investment demand for hotel assets has risen and the momentum has continued into 2019. “We are receiving more enquiries for hotel opportunities; and in fact, the pre-marketing activities for the subject site have drawn strong interest due to its locational attributes,” says Tan.
Min Yuan at 62 Waterloo Street comes with an asking price of $145 million (Picture: CBRE)
In November last year, the neighbouring Waterloo Apartments were sold to Fragrance Group for $131.1 million, and the developer announced its intention at the time to redevelop the site into a new hotel. That month also saw Golden Wall Centre at Short Street sold en bloc for $276.2 million to a subsidiary of Worldwide Hotels, which counts the Hotel 81 chain in its portfolio.
Min Yuan is in Singapore’s art, culture, and heritage district, and close to the National Museum of Singapore, Singapore Art Museum, Stamford Arts Centre, and National Design Centre. It is served by Bencoolen MRT Station on the Downtown Line, Bras Basah station on the Circle Line, Bugis station on the East-West Line, and City Hall interchange station on the North-South and East-West Lines.
The public tender closes on Sept 3.
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