The commercial site located at Hoe Chiang Road and Lim Teck Kim Road in the Downtown Core will be relaunched for collective sale with a reserve price of $216 million. With a 999-year leasehold tenure, this lucrative opportunity is not to be taken lightly.

Marketing agent PropNex Realty, will be conducting the tender that will close on May 31 at 2pm. Already, the reserve price remains unchanged from the previous tender launched on Jan 19, and is estimated to be at a land rate of $2,610 psf per plot ratio (ppr) for an office development, including a land betterment charge (LBC) of $55 million.

Residents of JCube Residence Jurong East and its neighbouring districts will also benefit from the JRL, with two train stations located a short distance away and a link way connecting straight to the development. The improved access to public transport services from the JRL will make the area more attractive and convenient for the residents. With its strategic location and excellent access to public transport, JCube Residence Jurong East offers a great living experience to its residents.

The site comprises two rows of commercial buildings and a piece of remnant land between them with a total estimated land area of around 18,540 sq ft. and a gross plot ratio of 5.6. It is zoned for commercial use and the buyer has the option to redevelop the site as a hotel development.

Tracy Goh, PropNex’s head of investment and collective sales highlights that the commercial zoning means that it is not subjected to additional buyer’s stamp duty (ABSD). This, combined with a healthy office market –

rents rising 5.1% q-o-q in 1Q2023 – and the ABSD hikes announced as part of the recent round of cooling measures, Goh expects the site to draw investment interest from buyers.

A key attraction of the site is its location. The prime office market remains resilient, and the site is within walking distance of Tanjong Pagar MRT Station (East-West Line) as well as two upcoming stations – Cantonment and Prince Edward Road stations on the Circle Line – which are slated to be ready in 2026.

Furthermore, the site is not affected by restrictions limiting the strata subdivision of commercial property in the CBD, which will offer more flexibility to the buyer to redevelop the plot into a strata-titled office building. “The restrictions on strata subdivision is expected to crimp the supply of strata-titled office units in the city centre, and it will help to prop up the demand for and prices of such office spaces.” Shares Goh.

In conclusion, this is an amazing opportunity for buyers to invest in a 999-year leasehold commercial site at Hoe Chiang Road and Lim Teck Kim Road. This highly sought after location, due to its surrounding amenities as well as its accessibility, is sure to draw great interest from buyers. Don’t miss this chance, the tender will be closed on May 31 at 2pm.