Based on authorities’ authorization, the site could be redeveloped approximately its existing GFA of around 135,742 sq feet, going beyond the permitted story proportion of 3.5 as suggested in the 2014 Plan of attack,” claimed the residential property company, including that the winning prospective buyer does not have to pay any kind of growth cost.
“The developer-investor could pre-sell the property devices to capitalise on the upturn of the exclusive property market and also hold the very useful property business area for financial investment or as their business workplace,” stated Edmund Connection & Carbon monoxide’s elderly supervisor for financial investment consultatory Swee Shou Brush.
The proprietors of Parc Life near the Central Enterprise zone released the mixed-use task for cumulative sale for $270 million on Wednesday (31 January), reported business Times.
Found at the joint of Neil Roadway as well as Craig Roadway, the land parcel is close to the dynamic Keong Saik Road location that has actually seen several brand-new dining establishments, shop resorts and also co-working rooms.
Inning accordance with advertising representative Edmund Connection & Carbon monoxide, the asking cost equate to $1,989 psf each story proportion (ppr) based upon its gross flooring location (GFA). The prime home depend on freehold land extending 33,953 sq feet that is meant for domestic and also business growth.
“Provided its city centre place in a prominent and also lively territory with closeness to MRT terminals, the residential or commercial property is additionally optimal as a serviced apartment or condos or resort advancement, based on preparing authorization,” she included.