A 27-unit residential with commercial development in Waterloo Street has been put up for sale.
District 7 Heats Up Again
CBRE, the exclusive marketing agents announced the launch of Min Yuan, an apartment development with first storey commercial for S$145 million.
There is a development charge of S$19.55 million payable on this 999-year leasehold site.
By considering the development charge for this 14,629 sq ft site, the price arrived at is S$2,678 psf ppr.
Announcing the launch, CBRE informed that the site can be redeveloped into a hotel with 4.2 plot ratio with maximum permissible GFA of 61,443 square feet upon receiving necessary approval from the authorities.
The developers would need to meet the requirements for URA Outline Planning Permission and other re-zoning guidelines.
CBRE also shared details about comparable properties that transacted recently in the adjoining areas.
Executive Director of Capital Markets and Residential Services at CBRE, Galven Tan said that this property presents a great opportunity for the developer to cash in on the Draft Master Plan 2019 that has been announced already.
Under this plan areas such as Fort Canning, Bras Basah and Bugis are likely to be completely transformed and made into centres of art, lifestyle and heritage.
He further added that once redeveloped, this hotel would offer unblocked and panoramic view of the Central Business District as well as the Fort Canning Park
There are several landmarks in the close vicinity of Min Yuan. This includes Singapore Art Museum, National Design Centre, Nanyang Academy of Fine Arts, National Museum of Singapore, School of the Arts and the Singapore Management University.
The location is well connected and four MRT Stations – City Hall, Bencoolen, Bugis and Bras Basah near it. Other major developments nearly include the Bugis Village, DUO, Bugis Plus and Bugis Junction
The closing date for the public tender is September 3, 3:00 PM
Another En Bloc Site To Be SOLD in District 7?
Will Min Yuan Join Their Neighbors For Collective Sale Success?
Find Out More in September…