SINGAPORE, 4 December 2018 – Cushman & Wakefield has been appointed as the marketing agent for the sale of a prime commercial development site located in the heart of Queenstown where the iconic Queenstown Cinema (formerly 250 Commonwealth Avenue) once stood.
Located merely 300 metres from Queenstown MRT Station, the subject site sits prominently at the corner of Commonwealth Avenue and Margaret drive and the vacant plot has a land area of 3,001.2 sq m (32,305 sq ft approximately). The Housing & Development Board has granted the site a 99-year lease, commencing from 1st January 1975.
Written Permission (WP) has been granted for the site to be developed into a six-storey commercial building comprising shops, restaurants, community institutions & ciniplex with basement car parking lots. The approved Gross Floor Area is 9,003.6 sq m (approximately 96,914 sq ft) and Development Charge is not payable.
According to Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, “The immediate neighbourhood of the subject site is undergoing massive rejuvenation with multiple new condominium developments such as Stirling Residences, Margaret Ville, Commonwealth Towers and Queens Peak, as well as new public housing projects including SkyOasis @ Dawson, Skyresidence @ Dawson, Skyville @ Dawson and Skypac @ Dawson, amongst others. The new commercial development, when completed, will serve more than 17,000 households from the new and existing residential developments within the vicinity.”
“This is a rare opportunity to acquire a prime commercial development site right in the heart of Queenstown, a mature and highly popular residential precinct. In fact, it is the only commercial site available on the market within the locale.”
“Given the recent cooling measures in the residential segment and the excellent attributes of the subject site, we are confident that it will receive good interest from developers and investors both local and overseas.”
The property is expecting to fetch above $200 million, which translates to about $2,063 per square foot of the approved GFA.
The tender for this property will close at 3.00 pm on 8 January 2019 (Tuesday).
For further information, please contact:
Executive Director, Capital Markets
+65 6232 0882 / +65 9662 6430
Associate Director, Communications
+65 6317 8349/ 96916449
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.