Min Yuan at Waterloo Street has been put up for a collective sale of $145 million and could be redeveloped into a hotel building. It is near various landmarks such as Singapore Art Museum an National Museum of Singapore, and the National Design Centre.
Min Yuan, a 27-unit residential development with commercial on the first storey, has been put up for collective sale carrying an asking price of $145 million, reported The Business Times.
This works out to around $2,678 per sq ft per plot ratio (psf ppr), including the development charge of about $19.55 million.
While the 14,629 sq ft site is zoned “residential with commercial at first storey” under the 2014 Master Plan, marketing agent CBRE noted that the 999-year leasehold site could be redeveloped into a hotel building with a plot ratio of 4.2 or a maximum permissible gross floor area of around 61,443 sq ft based on URA Outline Planning Permission advice.
The development is served by four MRT stations – Bencoolen, Bugis, Bras Basah and City Hall.
It is also near various Singapore landmarks such as Singapore Art Museum, National Museum of Singapore, National Design Centre, Stamford Arts Centre, School of the Arts, Singapore Management University and Nanyang Academy of Fine Arts.
Galven Tan, executive director of capital markets and residential services at CBRE, said the property presents buyers “a timely opportunity” to capitalise on the Draft Master Plan 2019 announcement by the government to further invigorate and anchor the Fort Canning, Bras Basah, Bugis and Civic District as a lifestyle and cultural destination.
“Upon redevelopment, the future hotel development will enjoy a panoramic unblocked view of Singapore’s CBD (central business district) skyline and Fort Canning Park,” he said.
The tender for Min Yuan closes on 3 September.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
