The freehold Chinatown Plaza has been put on the market for collective sale, announced Edmund Tie & Company (ET&Co) the sole marketing agent.
The prime, mixed-use development sits on a 33,953 sq ft plot and is zoned for commercial and residential use under the 2014 Master Plan. The asking price is $270 million, or $1,989 psf per plot ratio. No development charge is payable.
Subject to approvals, the site can be redeveloped up to its existing gross floor area of about 135,742 sq ft, exceeding the permissible plot ratio of 3.5 as indicated in the Master Plan, says ET&Co.
It could be redeveloped into a mixed commercial and residential project that includes a boutique residential component to attract millennials and investors, says Swee Shou Fern, senior director of investment advisory at ET&Co.
An influx of stylish cafes and restaurants, co-working spaces and boutique hotels has transformed the area into a vibrant F&B and lifestyle enclave. Subject to planning approval, the property is ideal as serviced apartments or a hotel development, because of its vibrant location and connectivity, says Swee.
The area is served by three MRT stations - Tanjong Pagar on the East-West Line, Outram on the North-East, and the upcoming Maxwell station on the Thomson-East Coast Line. The property is at the junction of Craig Road and Neil Road. It is connected to the Central Expressway, Cantonment Road, New Bridge Road, and Eu Tong Sen Street.
Swee adds that developers could pre-sell future residential units to capitalise on the upturn of the private residential market, and hold the freehold commercial space as investment or as corporate offices.
The tender will close on March 15.
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