The freehold site near Keong Saik Street is intended for residential and commercial development. (Photo: Edmund Tie & Co)
The owners of Chinatown Plaza near the Central Business District launched the mixed-use project for collective sale for $270 million on Wednesday (31 January), reported the Business Times.
According to marketing agent Edmund Tie & Co, the asking price translates to $1,989 psf per plot ratio (ppr) based on its gross floor area (GFA). The prime property stands on freehold land spanning 33,953 sq ft that is intended for residential and commercial development.
“Subject to authorities’ approval, the site can be redeveloped up to its existing GFA of approximately 135,742 sq ft, exceeding the permissible plot ratio of 3.5 as indicated in the 2014 Master Plan,” said the property firm, adding that the winning bidder does not need to pay any development charge.
Located at the junction of Neil Road and Craig Road, the land parcel is close to the bustling Keong Saik Street area that has seen many new restaurants, boutique hotels and co-working spaces.
“The developer-investor can pre-sell the residential units to capitalise on the upturn of the private residential market and hold the invaluable freehold commercial space for investment or as their corporate office,” said Edmund Tie & Co’s senior director for investment advisory Swee Shou Fern.
“Given its city centre location in a popular and vibrant enclave with proximity to MRT stations, the property is also ideal as a serviced apartments or hotel development, subject to planning approval,” she added.
The tender for Chinatown Plaza will close on 15 March.