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Property News08 Jan 2019

Realty Centre seeking $165m in commercial en bloc sale market

ST 20190108 BIZREALTY08 4534133

The Realty Centre commercial block in the central business district has launched a tender for a collective sale with a $165 million reserve price.

The freehold site in Enggor Street has a land area of 1,021.9 sq m or 11,000 sq ft.

It has an allowable gross plot ratio of 5.6 times and a maximum height of 35 storeys.

The site can yield approximately 321,797 sq ft of gross floor area upon redevelopment.

The plot has a verified gross floor area of 5,514.24 sq m or about 59,355 sq ft, equivalent to a plot ratio of about 5.4 times.

Based on the reserve price, the land rate is about $2,714 per sq ft per plot ratio, inclusive of an estimated development charge of $2.2 million.

The property is a five-minute walk to the Tanjong Pagar MRT station and the upcoming Prince Edward station on the Circle Line that is due to be completed by 2025.

Realty Centre is also near Amara Hotel/100AM and Tanjong Pagar Centre.

Ms Christina Sim, director of capital markets at the marketing agent Cushman & Wakefield, said yesterday: "This offering gives the potential developer a compelling opportunity to have a presence in our central business district.

"The site is also within the Tanjong Pagar Master Plan, a location slated for a massive transformation.

"With the planned relocation of Singapore's container ports to Tuas, which will free up some 1,000ha of prime waterfront land, Tanjong Pagar will be a colourful masterpiece showcasing the old and the new, the best of Singapore."

The tender closes at 3pm on Feb 21.

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