The first collective sale site with outline planning permission for “Hotel” use this year
Singapore, 19 September 2018 –Waterloo Apartments, located at 64 Waterloo Street within the Central Area of the Civic District and the Bras Basah/Bugis arts & cultural precinct, has been put up for collective sale. Cushman & Wakefield is the appointed marketing agent for the property. It has garnered the requisite 80 per cent consensus by share values and strata area to launch the sale by tender.
This 999-year leasehold site has a land area of 1,334.9 sq m (14,369 sq ft approximately). According to the 2014 Master Plan, the site is zoned “Residential with 1st Storey Commercial” with a plot ratio 2.8. It has a verified Gross Floor Area of 4,590.88 sq m (49,416 sq ft approximately), equivalent to a plot ratio of 3.439.
More importantly, an ‘Outline Planning Permission’ or ‘OPP’ has been obtained for a change of use from an existing residential block of 30 apartment units to ‘Hotel’ use at a plot ratio of 4.2 or a total maximum gross floor area of 5,606.58 sq m (60,348 sq ft approximately), subject to guidelines/conditions to be fulfilled. The site can potentially build about 180 hotel rooms based on an average room size of 20 sq m, subject to planning approval. There is no development charge payable due to the high development baseline of 7,168 sq m under Residential Use Group.
With the asking price of $115 million, the land rate for the site will come up to approximately $1,906 per sq ft per plot ratio.
The property is strategically located within walking distance to the Bencoolen MRT Station (Downtown Line) and the Bras Basah MRT Station (Circle Line). It is one train stop to the Dhoby Ghaut MRT Interchange (serving the North-East, North-South and Circle Lines). Its proximity to public transport provides tourists and business travelers direct connections to key locations such as Fort Canning, Little India, Chinatown, The Esplanade, Marina Bay Sands, Gardens by the Bay, City Hall, Orchard, Raffles Place Central Business District and the Marina Bay Financial Centre (MBFC).
Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield sad “This offering gives the potential developer an opportunity to capitalize on our City’s rich heritage by building an exclusive boutique hotel befitting the Civic District. The Singapore Tourism Board reported visitor arrivals in 2017 grew 6.2 per cent to a record high of 17.4 million while tourism spending rose to S$26.8 million. This momentum has continued into 2018 with tourist arrivals from January to July rising 7.4 per cent year-on-year to 10.9 million.
“Singapore remains a choice destination for the MICE industry, G2G summits and tourists, with a healthy pipeline of prominent events throughout the year. Demand for hotel rooms has improved with hotel occupancy rates averaging 85 per cent.”, she added.
The tender for Waterloo Apartments will close on 23 October 2018 (Tuesday), 3.00p.m.
For further information, please contact:
Director, Capital Markets
+65 6317 8333 / +65 9638 8813
Associate Director, Communications
+65 6317 8349/ 96916449
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 US$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.