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Property News11 Oct 2018

Rochor's Golden Wall Centre hits en-bloc market again

BT 20181011 ABWALL11 3586554

GOLDEN Wall Centre has launched its second attempt at a collective sale, with a reserve price of S$260 million - little changed from what the strata unit owners wanted in a 2016 bid.

This works out to a land price of S$2,194 per square foot per plot ratio for the freehold commercial property at 89, Short Street in Rochor, which is zoned for commercial use.

The building, which is slightly more than 100 metres from Rochor MRT station, occupies a 24,239 sq ft site with a gross floor area of about 118,488 sq ft, for a plot ratio of 4.88.

Subject to the authorities' approval, it can be redeveloped up to the same level, breaching the official master plan's plot ratio of 4.2, said marketing agent Edmund Tie & Co.

The real estate firm, which announced the tender exercise on Wednesday, noted that Golden Wall Centre "stands to benefit from the ongoing rejuvenation and transformation" of the Beach Road area.

Swee Shou Fern, senior director of investment advisory at Edmund Tie & Co, said: "With its strategic city fringe location and proximity to the arts, heritage and cultural districts, the property is also ideal for a hotel development, subject to planning approval."

Golden Wall Centre now counts Village Hotel Albert Court and Parc Sovereign Hotel among its neighbours.

On the other bank of the Rochor River, the Little India shopping centre formerly known as The Verge was sold en bloc in late 2016 for S$189.8 million. It is now being turned into a mixed-use project, called Tekka Place.

Golden Wall Centre is also down the street from another en-bloc hopeful - electronics mall Sim Lim Square, where a collective sale committee said in March that it had settled on an asking price of around S$1.1 billion.

The tender closes on Nov 23.

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