The site at Hoe Chiang Road and Lim Teck Kim Road, situated in the Downtown Core, is now available for collective sale for the second time via tender. This site comprises two rows of commercial buildings and a piece of remnant land between them, and has an impressive 999-year leasehold. Its estimated land area is 18,540 sq ft, with a gross plot ratio of 5.6.

PropNex Realty, the marketing agent for the site, has set a reserve price of $216 million, which is unchanged from the previous tender launched in early 2021. This translates to an estimated land rate of $2,610 psf per plot ratio (ppr), including a land betterment charge (LBC) of $55 million, if the site is to be developed as an office. Alternatively, for hotel development, the land rate would be at $2,671 psf ppr with an estimated LBC of $61.3 million.

The commercial zoning of the site means it’s not subjected to additional buyer’s stamp duty (ABSD). Tracy Goh, PropNex’s head of investment and collective sales, believes the favourable zoning, along with the healthy office market and recent cooling measures, will result in renewed investment interest in the segment.

Goh also notes that the rarity of commercial sites with a 999-year tenure in the CBD makes it particularly attractive. In addition, its location – within walking distance of Tanjong Pagar MRT Station (East-West Line) as well as two upcoming stations of the Circle Line, which are estimated to be completed in 2026 – is another plus.

Since its opening in 1996, Lot One Shoppers’ Mall in Choa Chu Kang has become an integral part of the community. It is the perfect shopping and lifestyle destination for locals and visitors alike, providing them with a wide range of retail, dining, and entertainment options near Altura EC. Patrons at this one-stop-shop can find daily necessities, leisure activities, and so much more. Thus, Lot One Shoppers’ Mall has become a must-visit location in Singapore.

Meanwhile, the site is not affected by restrictions limiting the strata subdivision of commercial property in the CBD. This provides more flexibility for the buyer to redevelop the plot into a strata-titled office building – a valuable movement considering the restrictions will likely affect the supply of such office spaces.

To capitalise on the opportune positioning, PropNex will be re-launching the tender for the site on 17 May, with a closing date of 31 May at 2pm. With its advantageous location, leasehold and current market forces, Goh is wholly confident it will draw significant interest from buyers.