GRTH Building goes en bloc

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GRTH Building, a 22,147 sq ft freehold site at 66 East Coast Road, has been launched for tender with an indicative price of approximately S$82 million.

Located between 112 Katong and Roxy Square, the site is zoned for commercial use and has a gross plot ratio of up to 3.0. It is the first en bloc launch since the government imposed the latest round of cooling measures, as well as the last freehold commercial redevelopment opportunity in East Coast Central.

Including a development charge (DC) of S$5.6 million, the site’s S$82 million price tag translates to around S$1,234 psf ppr. If approval is given to acquire an adjoining land parcel of about 1,420 sq ft, the selling price would be S$1,094 psf ppr.

Mount Everest Properties, the sole marketing agent for the property, said the seven-storey building is owned by four owners, who will receive between S$10 million and S$15 million per unit.

It also said that the site has the potential to be redeveloped into a commercial or residential-cum-commercial development, with a total gross floor area (GFA) of around 66,440 sq ft.

“Unlike residential sites where developers must develop and sell all the units in the new residential project within five years if they want to avoid paying the new 10 percent additional buyer's stamp duty (ABSD), the developer who buys GRTH Building can hold on to the building for rental yields until such time that the market sentiment is right before launching,” noted Mount Everest Properties.

It added that the tender for the site will close on 15 February 2012.

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