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The property is a large District 9 commercial site allowed for mixed-use development, located at a prominent corner with high visibility of 100m frontage onto Sophia Road and 70m onto Selegie Road. It also enjoys proximity to six MRT stations, connected to four MRT lines, within a 600-metre radius and stands out with its convenient location and excellent accessibility.
Whilst the 76,617 sq ft site is zoned for ‘Commercial’ use at a gross plot ratio ("GPR") of 4.2, the Property has a higher existing verified GPR of approximately 7.89. As per the Urban Design Guide Plan, part of the land that is facing furthest away from Selegie Road can be build up to 67 metres Singapore Height Datum (“SHD”).
Based on an Outline Planning Permission (“OPP”) from the Urban Redevelopment Authority dated 20 January 2019, a developer may redevelop the site up to the existing Gross Floor Area (“GFA”) of approximately 604,578 sq ft at an equivalent GPR of 7.89 for a mixed-use development with 60% commercial GFA and 40% residential GFA. It could yield about 362,746 sq ft of retail/commercial space and some 241,831 sq ft of residential apartments (about 241 units at an average size of 1,000 sq ft, subject to relevant authority’s approval).
Being a ‘Commercial’ site, there will be no Additional Buyer's Stamp Duty for the purchase of the Property. An in-principle approval to renew the lease to a fresh 99-year term was previously obtained from the Singapore Land Authority on 26 March 2019.
Tender for the site closes on 9 November 2021 (Tuesday), 3.00 p.m.
- Prominent dual-frontage to Selegie Road and Sophia Road
- Land Area 76,617 sqft; MP Zoning ‘Commercial’; No ABSD payable
- LH 99 years w.e.f 2 Jun 1970; previously granted in principle approval to top-up the lease to fresh 99 years
- As-built GPR 7.89; previous OPP for 60% Commercial and 40% Residential
- Relaxed height control with part 67m, part 55m SHD
- In the heart of the vibrant Civic, Art, Cultural & Education precinct
- 6 MRT Stations within a 600-metre radius, served by 4 MRT lines
- ~$1,426 psf/pr including estimated lease top-up premium