According to Edmund Tie & Company, a property-marketing firm, the popular Chinatown Plaza in Singapore has recently gone up as part of a collective auction and has a two hundred seventy million dollars asking price attached to it.
Devoid of any development charge, the asking price amounts to S$1,989 per square foot per plot ratio (psf ppr) of total undefined floor space.
The deadline for tender exercise ends on March 15th at 12pm.
A freehold space having land area of approximately 3,154.3 Sq. metres (33,953 sq. ft.) houses the principal multi-use redevelopment site, an area zoned for both residential and commercial use.
The site is located at the intersection of Neil Road and Craig Road and closely situated to the well-known Keong Saik Street area and the Central Business District, which of recent has gained a lot of boutique hotels, food and beverage stores, as well as co-working space.
According a statement made by Edmund Tie & Company on Wednesday, January 31st, “Based on the authorization of relevant officials, it is possible to redesign the site to within its current total floor space of 12,610.89 square metres (circa 135,742 square feet), which is more than the allowed space ratio of 3.5 as the Master Plan drawn in 2014 shows”.
The senior director of Investment advisory at Edmund Tie & Company, Swee Shou Fern said, “The residential units can be pre-sold by the developer-investor to benefit from the rise in private residential market and retain the priceless freehold commercial area as corporate offices or for investment purposes.
“Owing to its site in a popular and lively district at the center of the city, quite close to the MRT stations; depending on the planning approvals, the building is likewise appropriate for a hotel development or as serviced apartment complex.”