Realty Centre En Bloc SOLD to The Place Holdings for S$148m

Realty Centre En Bloc SOLD to The Place Holdings for S$148m

Realty Centre has become the 2nd successful commercial en bloc sale for the year. The office building that is located in Tanjong Pagar fetched S$148 million.

However, the sale figure is much lower than the S$165 million reserve price that the owners had expected.

Cushman & Wakefield were the marketing agent for the sale. The 12-storey building had been launched for en bloc sale earlier this year in the month of January.

The Place Holdings which is listed in Singapore has bought this property. As per early information available they have plans to redevelop this property into a mixed-use residential cum commercial tower if they are able to get necessary approvals from the authorities.

In the latest filing to the Singapore Exchange (SGX) the company also mentioned its plans to use the building as its headquarters.

The company is into the business of branding, event management and other tourism related businesses. The Place Investment Group from China backs this Singapore unit of the business.

Realty Centre Redevelopment Plan

MCC Land & The Place Holdings Join Hands in Collaboration

The Place Holdings, a Singapore based company recently entered into a strategic framework agreement and collaboration with MCC Land, a Chinese developer.

According to official statement from MCC Land, with this joint collaboration, the partners aims to kickstart a relationship where there can redevelop the existing property of Realty Centre located at 15 Enggor Street.

Earlier, New Vision Holding, a 51% subsidiary of The Place Holdings had purchased the Realty Centre through an en bloc deal for $148m. Cushman & Wakefield had brokered that deal.

The Place Investment Group, a Chinese conglomerate which has interests in media, tourism, bio-medical technology, property management and international trade backs The Place Holdings.

In 2019, the company had publicly expressed its intention of redeveloping the Realty Centre and making it the headquarters.

Bonus Plot Ratios Gain

Realty Centre is a 12 storey building located on a freehold area measuring 11,000 square feet. It has a plot ratio of 5 and can be redeveloped up to 35 storeys. It has been marked as a commercial zone.

According to the 2019 CBD Incentive Scheme of the Master Plan, Realty Centre can extend its plot ratio between 25% and 30% if it will be used for a residential cum commercial property on the first floor (30%), hotel (25%) or as a commercial and residential complex (25%).

This project is situated within close walking distance of the East-West Line’s Tanjong Pagar MRT Station and the upcoming Circle Line’s Prince Edward Station.

The fact that MCC Land is involved with the redevelopment of Realty Center is not surprising since it already has a joint collaboration with the adjoining One Bernam project.

One Bernam is a mixed-use development project which has a commercial lot, 351 residential units and also a serviced apartment lot. It is a joint venture of MCC Land and its long standing Chinese partner, Hao Yuan Investments.

One Bernam has a 99 year old lease agreement and sits on a 41,400.5 square feet land. It was purchased during a government land tender for $440.9 million.

The redeveloped new property is likely to be launched by the end of 2021.

It is being speculated that this collaboration of MCC Land with The Place Holdings will result in construction and development of commercial and residential properties in the future.

They are also likely to join hands for developing cultural tourism projects.

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