Hoa Nam Building which located along Jalan Besar Road has launched for En Bloc Sale with an asking price of S$160 million.
The En Bloc site is zoned for commercial and residential use, sits on an area of 21,365 sq ft and has a plot ratio of 3.0 under URA Master Plan 2014.
According to Marketing agent Huttons Asia, the commercial site has a gross floor area (GFA) of 85,744 sq ft and the land rate works out to S$1,866 psf ppr.
The attractive freehold property is located close to 3 MRT station such as Farrer Park and Lavender with Bendemeer MRT being the closest (Just 350 m away).
Currently, the Hoa Nam Building mixed development has a Total of 83 units, comprising of 33 retail units, 14 office units and 36 residential apartments.
It needs to be mention that another freehold mixed development, Arc 380 is next to Hoa Nam Building.
The commercial office building was developed by Tong Eng Group and was completed last year 2018.
There are few ways to redevelop this site into new development, according to Stephen Tan of Huttons Asia, who is the marketing agent of this collective sale.
The potential buyer can use the existing GFA and redeveloped into a new commercial and residential project or another option is to keep the existing commercial building and do some additions and alterations works.
He further added that the best use of this freehold property is to offer co-living and co-working space on the upper floors, with retail and F&B outlets on the lower level.
This concept has been widely appreciated and popular currently in the space market.
The best part is that the freehold site can be rezoning to full commercial use at a plot ratio of 3.0, announced by URA but subject to conditions.
Lastly, due to Hoa Nam Building high development baseline, the new buyer need not to pay any development charge.
The public tender for Hoa Nam Building shall close on August 20, 2019.