In a second attempt to achieve an en bloc sale success, Golden Wall Centre located at 89, Short Street in Rocher, is back in the market with a reserve price set at S$260 million.
Not much has changed from previous price cap the strata owners set in 2016. This means the land price for the commercial property is at $2,194 psf ppr.
The gross floor perimeter of this building measures 118,488 square feet, which is almost 100 metres to Rochor MRT station and with a high plot ratio of 4.88.
Edmund Tie & Co., the marketing agent of the sale, mentioned that it could be re-developed to a similar height, with the authority’s approval, breaching the building’s master plan of a 4.2 plot ratio.
Golden Wall Centre will benefit from the Beach Road’s underway transformation and rejuvenation plans,’ mentioned by the real estate firm’s representative who made the tender announcement on Wednesday.
The senior director of the investment advisory at the company, Swee Shou Fern, stated, ‘The property is ideal for hotel developments as it is strategically located within the city, in close proximity to heritage, arts and cultural centres.’
Golden Wall Centre classifies the Village Hotel Albert Court and the Parc Sovereign Hotel as its neighbours.
Not so far from it, Little India (Previously called The Verge), located on the opposite bank of Rochor River was sold for $189.8 million towards the end of 2016. The en bloc site is now being converted multi-purpose project dubbed, Tekka Place.
Up the street from Golden Wall is another en-bloc site, Sim Lim Square an electronics mall. Recently the sales committee of the property collectively agreed on an asking price of close to $1.1 billion.
This open tender is bound to close on the 23rd of November.