Waterloo Apartments, located within the Bras Basah and Bugis arts precinct, is up for collective sale at $115 million ($1,906 psf per plot ratio).

The 999-year leasehold land is the first collective sale site that has been launched this year with permission to be redeveloped into a hotel. It sits on 14,369 sq ft of land, zoned “residential with 1st storey commercial”, with a plot ratio of 2.8, based on URA’s 2014 Master Plan. The site has a gross floor area (GFA) of 49,416 sq ft, at a plot ratio of 3.44.

Developers can potentially build 180 hotel rooms with an average size of 215 sq ft, subject to planning approval, says Cushman & Wakefield, which is marketing the property. These would be built at a plot ratio of 4.2, at a maximum GFA of 60,348 sq ft. There will be no development charge payable as the site has a high development baseline.

Waterloo Apartments comprises 30 units. It has easy access to three train stations: Bras Basah MRT Station and Bencoolen MRT Station are within a four-minute walk away, while Bugis MRT Station is nine minutes away by foot.

The collective sale has attained the 80% consensus level from owners required to kickstart the process.

The tender for Waterloo Apartments will close on Oct 23 at 3pm.