SINGAPORE – Chinatown Plaza has been put up for a collective sale with an asking price of S$270 million, according to the property’s marketing agent, Edmund Tie & Company.
The asking price equates to S$1,989 per square foot per plot ratio (psf ppr) of potential gross floor area with no development charge payable.
The tender exercise will close at 12pm on March 15.
The prime mixed-use redevelopment site, which is zoned for commercial and residential use, sits on a freehold site with a land area of about 3,154.3 square metres (33,953 square feet).
The property sits at the junction of Craig Road and Neil Road and is in close proximity to the Central Business District and the popular Keong Saik Street area, which has seen an influx of food and beverage outlets, co-working space and boutique hotels.
“Subject to authorities’ approval, the site can be redeveloped up to its existing gross floor area of 12,610.89 sq m (approximately 135,742 sq ft), exceeding the permissible plot ratio of 3.5 as indicated in the 2014 Master Plan,” Edmund Tie & Company said in a release on Wednesday (Jan 31).
Swee Shou Fern, Edmund Tie & Company’s senior director of investment advisory, said: “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.
“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.”