The first commercial collective sale site launched this year
Singapore, 7 January 2019 – Realty Centre, located at 15 Enggor Street within the Central Business District has been put up for collective sale. Cushman & Wakefield is the appointed marketing agent for the property.
This freehold site has a land area of 1,021.9 sq m (11,000 sq ft approximately). According to the 2014 Master Plan, the site is zoned “Commercial” with a plot ratio 5.6+ and a maximum storey height of 35 storeys. It has a verified Gross Floor Area of 5,514.24 sq m (59,355 sq ft approximately), equivalent to a plot ratio of 5.396.
With a reserve price of $165 million, the land rate for the site will come up to approximately $2,714 per sq ft per plot ratio inclusive of an estimated development charge amount of $2.188 million.
The property is strategically located within a 5-minute walk to the Tanjong Pagar MRT Station (East West Line) and the upcoming Prince Edward Station (Circle Line) due to complete on or before 2025. Prominent developments within the vicinity include Amara Hotel/100AM, Oasia Hotel Downtown, Carlton City Hotel and Tanjong Pagar Centre, amongst others.
Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield said “This offering gives the potential developer a compelling opportunity to have a presence in our Central Business District. Further, the site is also within the Tanjong Pagar Master Plan, a location slated for a massive transformation. With the planned relocation of Singapore’s container ports to Tuas which will free up some 1,000 ha of prime waterfront land, collectively known as the ‘Greater Southern Waterfront’, Tanjong Pagar will be a colourful masterpiece showcasing the old and the new, the best of Singapore”
The tender for Realty Centre will close on 21 February 2019 (Thursday) at 3.00p.m.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.