Hoe Chiang Road site in CBD up for sale with S$715m guide price
Hoe Chiang Road
Buyers of the site will be able to capitalize on the additional GPR accorded under the CBD Incentive Scheme for the Anson area, JLL said.
Subject to planning approval from the Urban Redevelopment Authority (URA), developers and investors will have several options of converting the plans under the incentive scheme. Get Meyer Mansion Unit Mix details here.
These include an option of “residential and commercial” with at least 60 per cent residential GFA or a full hotel with 25 per cent additional GPR. There is an option of “residential with commercial at the first storey” with an additional 30 per cent GPR.
15 Hoe Chiang Road is bounded on three sides by Hoe Chiang Road, Lim Teck Kim Road and Cantonment Road to the south of the CBD and is across from the Tanjong Pagar Terminal container port.
It is in the centre of many established Grade A offices occupied by multinational and international corporations, hotel establishments and food and beverage offerings along Shenton Way, Anson Road, Tanjong Pagar Road, Cantonment Road and heritage clusters of conservation shophouses.
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High-end residential developments such as Wallich Residence, Altez, V on Shenton, Icon and Skysuites@Anson are near the development site.
The development site is about 500 metres from Tanjong Pagar MRT Station and 650 metres from Outram Park Interchange. The site is also near the upcoming Cantonment MRT Station and Prince Edward MRT station, both slated to complete in 2025.
Tan Hong Boon, JLL executive director of capital markets, said: “Given its highly coveted freehold tenure, prominent corner location and allowable height, 15 Hoe Chiang Road presents developers and investors with a rare opportunity to own a flagship building with excellent visibility and naming rights for their commercial or hospitality uses.”
A PRIME improvement site at 15 Hoe Chiang Road will be set available to be purchased with a guide cost of S$715 million through articulation of enthusiasm on Wednesday, restrictive promoting operator JLL said on Tuesday.
Hoe Chiang Road Up For Sale
The freehold 39,337 square foot (sq ft) site has been endorsed for cordiality use with a gross floor region (GFA) of around 248,483 sq ft, or an equal gross plot proportion (GPR) of above 6.31 dependent on composed authorization gave in November a year ago.
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Temporary authorization was conceded early this year, which takes into account an extra 25 percent of GFA endorsed for proposed use on the site with subordinate offices and vehicle parks of up to 37 stories.
This adequately expands the GFA to around 310,604 sq ft or a comparable GPR of 7.896 under the Central Business District (CBD) Incentive Scheme, JLL said.
Presently, the advancement site has non-private zoning, which implies there is no extra purchaser’s stamp obligation payable and no remote proprietorship limitations. The structure which sits on the site – Tower Fifteen – has since been decommissioned, as indicated by JLL.
Purchasers of the site will have the option to profit by the extra GPR concurred under the CBD Incentive Scheme for the Anson territory, JLL said.
Subject to arranging endorsement from the Urban Redevelopment Authority (URA), designers and speculators will have a few choices of changing over the plans under the impetus conspire.
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These incorporate an alternative of “private and business” with in any event 60 percent private GFA or a full inn with 25 percent extra GPR. There is a choice of “private with business at the principal story” with an extra 30 percent GPR.
15 Hoe Chiang Road is limited on three sides by Hoe Chiang Road, Lim Teck Kim Road and Cantonment Road toward the south of the CBD and is opposite the Tanjong Pagar Terminal holder port.
It is in the focal point of many built up Grade A workplaces involved by worldwide and global companies, inn foundations and food and drink contributions along Shenton Way, Anson Road, Tanjong Pagar Road, Cantonment Road and legacy groups of protection shophouses.
Top of the line private improvements, for example, Wallich Residence, Altez, V on Shenton, Icon and Skysuites@Anson are close to the advancement site.
The improvement site is around 500 meters from Tanjong Pagar MRT Station and 650 meters from Outram Park Interchange. The site is likewise close to the forthcoming Cantonment MRT Station and Prince Edward MRT station, both scheduled to finish in 2025.
Tan Hong Boon, JLL official chief of capital markets, stated: “Given its exceptionally pined for freehold residency, unmistakable corner area and passable stature, 15 Hoe Chiang Road presents designers and financial specialists with an uncommon chance to claim a leader working with amazing perceivability and naming rights for their business or cordiality employments.”
Designer and financial specialists can build up a blended use venture with Grade A workplaces cum extravagance private units misusing the valued beautiful perspectives. These picturesque perspectives are looked for after by very much obeyed universal private financial specialists who are set up to pay great premiums for their sky habitations on the most noteworthy floors in the city, Mr Tan said.
Upon redevelopment with another pinnacle, 15 Hoe Chiang Road will give future tenants all encompassing ocean sees towards Sentosa and the Southern Islands with regards to the up and coming Greater Southern Waterfront all-inclusive strategy, JLL said.
15 Hoe Chiang Road was recently set available to be purchased in 2015 by means of articulation of intrigue yet didn’t change hands, The Business Times gets it.
The 2015 articulation of intrigue practice occurred before the dispatch of the CBD Incentive Scheme in March 2019. The plan was made to empower the change of existing office advancements to lodging and private uses, and applies to the Anson Road, Cecil Street, Shenton Way, Robinson Road and Tanjong Pagar territories.
The most recent articulation of intrigue exercise will close on Sept 11, 2.30pm.
Upon redevelopment with a new tower, 15 Hoe Chiang Road will provide future occupants panoramic sea views towards Sentosa and the Southern Islands in the context of the upcoming Greater Southern Waterfront master plan, JLL said.
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