Waterloo Apartments En Bloc Sold to Fragrance Group for S$131.1 million

Waterloo Apartments En Bloc Sold – Fragrance Group Won the Bidding War

Fragrance Group Plans Hotel Projects in Hoe Chiang Rd and Waterloo St

James Koh Wee Meng’s Fragrance Group has plans to develop boutique hotels in Tanjong Pagar area and one on Waterloo Street.

In recent development the group had acquired Waterloo Apartments which has 999-year lease tenure for a sum of S$131.1 million in an en bloc sale.

There are plans to redevelop this into a hotel. Going by the price the land rate for this property translates to S$2,172 psf ppr.

Apart from this the group has also approached the URA (Urban Redevelopment) with an application for change in use to a full hotel for 15 Hoe Chiang Road’s Tower 15 which it currently owns.

At present this 29-storey freehold property has a multi-level carpark along with a 3-storey hotel block apart from other commercial entities.

In its Q3 results that were declared last week the Group stated that it had received intimation from the URA with respect to Hoe Chiang Road site’s rezoning.

An official spokesperson said that rezoning is subject to conditions and the most important among them is a full redevelopment proposal along with the necessary rezoning fee which needs to be paid.

As per the official statement released the rezoning fee has already been paid by the Group.

The suggested amendment with respect to the Master Plan has also been approved. They further said that in October 2018 the Group had submitted the detailed plan to the URA and sought its advice apart from meeting other technical and compliance requirements.

According to the Group with the change in use of the property in Hoe Chiang Road there would be increase in the fair value which they feel would reach around S$210 million

Waterloo Apartments Site Change from Residential to Hotel use

Cushman & Wakefield, the marketing agents for Waterloo Apartments’ sale had in the month of September announced that while launching the en bloc sale OPP (outline planning permission) for change in the site’s zoning had been obtained.

According to the OPP the site’s status had been changed from the present residential with first-storey commercial to hotel use.

Even the plot ratio has been changed from 2.8 to 4.2 which will allow a maximum GFA of 60,348 sq ft.

The site already has a high development baseline and hence there are no development charges payable.

Located in the Bras Basah area this site encompasses an area of 14,369 sq ft. At present the site has 30 apartments and as a part of the deal the owners would receive around S$4.37 million for each unit.

Cushman & Wakefield’s Director of Capital Markets, Christina Sim said that the decision not to sell Waterloo Apartments for residential development during the collective sale was taken based upon the lack of enthusiasm due to the new cooling measures announced in July.

She added that they had instead applied for an OPP and preferred waiting for approval to develop the site into a hotel.

Strata Titles Board is yet to approve the sale for it to complete the process.

Waterloo Apartments is located only few meters from Downtown Line’s Bencoolen MRT Station and is also close to the Bras Basah MRT Station which is a part of the Circle Line.

Dhoby Ghaut Interchange which serves the North-East, North-South as well as the Circle lines is only a train stop from the site.

Ms Sim added that this site offers the developer a wonderful opportunity to leverage the rich heritage of the city by converting it into a boutique hotel which is apt for the Civic District.

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