SINGAPORE - Waterloo Apartments at 64 Waterloo Street is the latest site to be put up for collective sale, and the first one with outline planning permission for hotel use, marketing agent Cushman & Wakefield said in a press statement on Wednesday (Sept 19).

The 999-year leasehold site has an asking price of $115 million and a land area of 14,369 sq ft, translating to a land rate of $1,906 per sq ft per plot ratio. It is zoned "residential with first storey commercial" with a plot ratio of 2.8.

The outline planning permission allows the existing block of 30 apartment units to be changed to "hotel" use at a plot ratio of 4.2 or a total maximum gross floor area of 60,348 sq ft. The potential developer could build about 180 hotel rooms with an average room size of 20 sq m (215 sq ft), subject to planning approval.

There is no development charge payable, due to the high development baseline of 7,168 sq m (77,156 sq ft) for sites under the residential use group.

Waterloo Apartments is located in the central area of the Civic District and Bras Basah/Bugis arts and cultural precinct, within walking distance of Bencoolen MRT Station and Bras Basah MRT Station, as well as one train stop from Dhoby Ghaut MRT Interchange. Its proximity to public transport would connect tourists and business travellers directly to key locations such as Fort Canning, Marina Bay Sands and Raffles Place Central Business District.

"This offering gives the potential developer an opportunity to capitalise on our city's rich heritage by building an exclusive boutique hotel befitting the Civic District," said Christina Sim, director of capital markets at Cushman & Wakefield.

She noted that Singapore remains a choice destination for the meetings, incentives, conferences and exhibitions industry, government-to-government summits and tourists, with demand for hotel rooms improving and hotel occupancy rates averaging 85 per cent.

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