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.