See Realty Centre Latest News: Realty Centre Tanjong Pagar Sold En Bloc
Realty Centre has earned the distinction of being the first commercial property to launch for collective sale in 2019.
The 15 Enggor Street enbloc site which is a part of the CBD has been launched for S$165 million reserve price according to Cushman & Wakefield the marketing agents for the sale.
The site has total land area of about 1,021.9 sqm which stands at 11,000 square feet. As per the 2014 Master Plan from the Urban Redevelopment Authority the location has been demarcated for commercial use.
The site has a plot ratio of 5.6 and can be redeveloped up to 35 storeys. As per estimates the site has the potential to yield GFA of 321,797 sq ft when redeveloped.
Along with this the current GFA of the property stands at of 5,514.24 sq m or 59,355 sq ft which would translate into a 5.4 plot ratio.
Going by the reserve price of the property the site has been launched at land rate of S$2,714 psf ppr which includes the development charges of S$2.2 million which is payable.
The site is well located and only 5-minute walk to Tanjong Pagar MRT Station and is also in the close vicinity of the Circle Line’s upcoming Prince Edward MRT Station which should be operational by 2025.
Other amenities located nearby include Tanjong Pagar Centre, 100 AM and Amara Hotel.
Cushman & Wakefield’s Director of Capital Markets, Christina Sim said that Realty Centre would be a great buy for the potential developer as it would allow them to have their presence in the Central Business District.
The site is also part of the Tanjong Pagar Master Plan which will see massive infrastructure development in the coming years.
She added that more than 1000 acres of waterfront land would be freed up when the existing container port in this area is moved to Tuas which is popularly known as ‘Greater Southern Waterfront’.
The area is expected to undergo massive changes and once the transformation is complete, Tanjong Pagar will be the Best place to live, work & play. “A New Vibrant Bustling District”
Realty Centre’s tender closes at 3:00 PM on the 21st of February