SINGAPORE - A prime commercial development site in Queenstown which once housed the iconic Queenstown Cinema at 250 Commonwealth Avenue was launched for sale by tender on Monday (Dec 3).
The vacant plot has a land area of 3,001.2 square metres (32,305 square feet) and a 99-year lease commencing from Jan 1, 1975. It is located at the corner of Commonwealth Avenue and Margaret Drive, about 300 metres from Queenstown MRT station.
Written permission has been granted for it to be developed into a six-storey commercial building with shops, restaurants, community institutions and a cineplex with basement car parking lots. The approved gross floor area (GFA) is 9,003.6 sq m (96,914 sq ft), and development charge is not payable.
The sale is expected to fetch above $200 million, or about $2,063 per square foot of the approved GFA, said Cushman & Wakefield, the firm marketing the property.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, noted that the area around the site is being rapidly built up with numerous condominium developments and public housing projects, and the new commercial development will serve more than 17,000 households from the new and existing residences in the vicinity.
"This is a rare opportunity to acquire a prime commercial development site right in the heart of Queenstown, a mature and highly popular residential precinct. In fact, it is the only commercial site available on the market within the locale," he said.
"Given the recent cooling measures in the residential segment and the excellent attributes of the subject site, we are confident that it will receive good interest from developers and investors both local and overseas."
The tender for this property will close at 3pm on Jan 8, 2019.