SINGAPORE, 22 April 2019 – Realty Centre, located in the core central region submarket of Tanjong Pagar has been sold enbloc for $148 million. Brokered by Property Consultants Cushman & Wakefield, this is the first full commercial collective sale site concluded this year. The Buyer is The Place Holdings Limited, a Chinese investment holding company backed by the key management team of The Place Investment Group, a multi billion PRC conglomerate renowned for its extensive businesses in tourism, media, property management, bio-medical technology investments and international trade.
Located at No 15 Enggor Street, Realty Centre is a freehold 12-storey office building comprising 3 retail units on the ground floor and 33 office units in the upper floors. It has a total site area of 11,000 sqft and a possible height of 35 storeys. The existing zoning of the site is ‘Commercial’, plot ratio 5.6. However, with the announcement of the CBD Incentive Scheme for draft Masterplan 2019, Realty Centre which falls into the ‘Anson’ precinct is expected to enjoy bonus plot ratios of between 25% to 30% if there were to be a change of use to either Hotel (+25%), Residential and Commercial (+25%) or Residential with Commercial on 1st Storey (+30%). The property is strategically located within walking distance to the Tanjong Pagar MRT Station (East/West Line) and the future Prince Edward Station (Circle Line).
According to Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield, “Realty Centre is a versatile site with the possibility of keeping it as a full Commercial building or having it re-zoned to Residential or Hotel. It is also located on the fringe of a location which will be undergoing massive urban rejuvenation and transformation. The ‘Greater Southern Waterfront’ will be the new extension of the Central Core and is 3 times the size of Marina Bay.”
The sale is subject to the Strata Titles Board’s approval.
For further information, please contact:
Director, Capital Markets
+65 6317 8333 / +65 9638 8813