A prime freehold site at 15 Hoe Chiang Road will be put up for sale with a guide price of $715 million via expression of interest today, exclusive marketing agent JLL said yesterday.
The freehold 39,337 sq ft site has been approved for hospitality use with a gross floor area (GFA) of about 248,483 sq ft, or an equivalent gross plot ratio (GPR) of above 6.31, based on written permission issued in November.
Provisional permission was granted early this year allowing for an extra 25 per cent of GFA approved for proposed use on the site with ancillary facilities and carparks of up to 37 storeys.
This effectively increases the GFA to about 310,604 sq ft under the Central Business District (CBD) Incentive Scheme, JLL said.
Currently, the site has non-residential zoning, which means there is no additional buyer's stamp duty payable and no foreign ownership restrictions. The building that sits on the site - Tower Fifteen - has since been decommissioned, according to JLL.
Buyers of the site will be able to capitalise on the additional GPR accorded under the CBD Incentive Scheme, JLL said.
The scheme was created to encourage the conversion of existing office developments to hotel and residential uses, and applies to the Anson Road, Cecil Street, Shenton Way, Robinson Road and Tanjong Pagar areas.
The site was previously put up for sale in 2015 via expression of interest, but did not change hands, The Business Times understands.
This was before the launch of the CBD Incentive Scheme in March last year.
Subject to planning approval, developers and investors will have several options under the incentive scheme.
They include a "residential and commercial" development with at least 60 per cent residential GFA or a full hotel with 25 per cent additional GPR.
There is an option of "residential with commercial at the first storey" with an additional 30 per cent GPR.
The Hoe Chiang Road site is across from the Tanjong Pagar Terminal container port and about 500m from Tanjong Pagar MRT station and 650m from Outram Park Interchange.
It is also near the upcoming Cantonment MRT station and Prince Edward MRT station, both slated to be completed in 2025.
It is in the centre of many established Grade A offices, hotels and food and beverage offerings along Shenton Way, Anson Road, Tanjong Pagar Road, Cantonment Road and heritage clusters of conservation shophouses.
High-end residential developments such as Wallich Residence, Altez, V On Shenton, Icon and Skysuites @ Anson are nearby.
Upon redevelopment with a new tower, 15 Hoe Chiang Road will provide future occupants panoramic sea views towards Sentosa and the Southern Islands in the context of the upcoming Greater Southern Waterfront masterplan, JLL said.
The latest expression of interest exercise will close on Sept 11 at 2.30pm.
THE BUSINESS TIMES
