Freehold mixed-development Hoa Nam Building at 27 Foch Road has been put up for en bloc sale, carrying an asking price of $160 million.This works out to $1,866 per sq ft (psf) based on the property’s gross floor area (GFA) of 85,744 sq ft, said marketing agent Huttons Asia.
According to a Business Times report, the figure is 4.0133 times the 21,365 sq ft site area – exceeding the site’s plot ratio of 3.0 under the 2014 URA Master Plan.
The 83-unit Hoa Nam Building currently features 36 residential apartments, 33 retail units and 14 office units.
The site, which is zoned for commercial and residential use, could be redeveloped into a new commercial and residential project with the GFA similar to the existing development, revealed Huttons Asia’s Stephen Tan, who is marketing the en bloc sale.
The potential buyer could also keep the existing building and give it modifications and alterations works.
Located within the Jalan Besar/Lavender Street locale near Bendemeer MRT Station, Hoa Nam Building is also close to Farrer Park and Lavender MRT Stations.
“This property would be ideal for co-living and co-working space on the upper levels, with shops and eating outlets on the lower floors,” said Tan.
Meanwhile, URA has stated that it could consider rezoning the site to full commercial use with a 3.0 plot ratio, subject to conditions. Tan noted that if a buyer takes this route, no additional buyer’s stamp duty would be payable.
He added that no development charge is payable for the city-fringe property due to its high development baseline.
The tender for Hoa Nam Building closes on 20 August.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg
