The purchase price is lower than the $270 million asking price, and works out to a land rate of $1,915 psf per plot ratio. (Photo: ET&Co)
Chinatown Plaza along Craig Road in District 2 has been sold for $260 million to a property unit affiliated with Singapore-based Royal Golden Eagle, revealed marketing agent Edmund Tie & Company (ET&Co) on Friday (18 May).
The company is a resource-based manufacturing group with global operations and assets exceeding $24 billion.
More: Chinatown Plaza Joins En Bloc Frenzy, Owners Asking For $270m
The purchase price is lower than the $270 million asking price, and works out to a land rate of $1,915 psf per plot ratio.
The apartment and shop owners could walk away with gross sale proceeds of $3.44 million to $4.79 million and $1.64 million to $10.62 million per unit respectively.
Completed in 1984, the freehold property sits on a 33,953 sq ft site zoned for commercial and residential use under the 2014 Master Plan. It can be redeveloped up to its existing gross floor area of about 135,742 sq ft, exceeding the permissible plot ratio of 3.5.
“Outline planning permission for serviced apartment with commercial use has also been granted by the Urban Redevelopment Authority,” noted ET&Co.
Enjoying dual road frontage at the junction of Neil Road and Craig Road, Chinatown Plaza is close to three MRT stations (Tanjong Pagar, Outram Park and Maxwell).
“Such freehold mixed-use sites within the city are rarely available. Given its city centre location in a popular and vibrant enclave within proximity to MRT stations, the property is perfectly situated for use as serviced apartment. This development option will allow the purchaser to hold the invaluable freehold property for long-term investment,” said Swee Shou Fern, senior director of investment advisory at ET&Co.
Learn more about the Chinatown/Tanjong Pagar area and search for properties to buy or rent.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
