Manhattan House launched for collective sale at $280 mil
/ EdgeProp Singapore |
Manhattan House (Picture: JLL)
SINGAPORE (EDGEPROP) - Manhattan House, a commercial site along Chin Swee Road, next to Pearl’s Hill City Park, has been launched for sale by tender. According to a Jan 10 press release by marketing agent JLL, the collective sale site has a reserve price of $280 million. The owners of Manhattan House had previously made an en bloc attempt in September 2019, when it was put on the market at $300 million. (See potential condos with en bloc calculator)
Manhattan House (Picture: JLL)
The 99-year leasehold property is a 16-storey commercial block that was completed in 1976, with a total of 269 units. It sits on a 4,167.7 sq m (44,860 sq ft) site zoned for commercial use with a plot ratio of 4.7.
According to JLL, the site may be re-zoned for “residential with commercial at the first storey” use, based on recent advice from URA. The potential redevelopment may allow for a 30-storey residential tower with a maximum gross floor area of 21,000 sq m (226,042 sq ft). (Find Singapore commercial properties with our commercial directory)
The reserve price of $280 million works out to a land rate of about $1,715 psf per plot ratio, based on a gross plot ratio of 5.03875 after factoring in the lease top-up premium and a land betterment charge.
Manhattan House is within a 500m radius of new developments including the 774-unit One Pearl Bank, slated for completion next year, and the 396-unit The Landmark which launched in November 2020 (Source: EdgeProp LandLens)
Tan Hong Boon, executive director at JLL, notes that the property’s central location at the fringe of the CBD places it within convenient reach of key areas. “It is close to the heritage area of Chinatown, the modern CBD at Raffles Place, and the Marina Bay lifestyle and entertainment areas of Robertson Quay and Clarke Quay, not to mention the historic and chic Tiong Bahru enclave around the corner,” he says.
Manhattan House is within a six- to 10-minute walk to the Chinatown and Outram Park MRT Interchange Stations. It is also close to schools such as River Valley Primary School, which is within 1km of the site. Other schools within 2km of the site include CHIJ (Kellock), St Margaret’s School (Primary), Alexandra Primary School, Cantonment Primary School and Zhangde Primary School.
“The Singapore General Hospital Campus will also provide future residents with access to state-of-the-art medical services within close proximity to their homes,” Tan adds.
The tender for Manhattan House will close on March 8 at 3pm.
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