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.