2 adjoined sites at 137 Koon Seng Road and Still Road Malacca hotel property have been put up for sale in the collective sale market.
CBRE, the appointed and exclusive marketing agent for the sale announced the news.
The combine site has a total land area of 14,661 square feet and a guide price of S$21 million.
Base on the guide price, the land rate works out to around S$960 psf ppr, URA has confirmed that there will be minimal development charges payable for this combine land plot.
Both freehold sites have been marked for “Residential” use with 1.4 plot ratio, this is according to URA’s Master Plan 2019.
The combine site has huge advantages, it enjoys high visibility due to strategically located at the junction of Koon Seng Road and Still Road.
The en bloc commercial property Malacca Hotel, sits at 97 & 99 Still Road. It is a 3-storey boutique hotel with total of 29 rooms.
The 137 Koon Seng Road site is a 2 storey residential block that has been served as a workers’ quarters and used for administrative purposes for the Hotel’s operations.
Associate Director of CBRE Hotels, Mr. Teo Junrong said that this attractive freehold site offers a great opportunity for any investors who want to capitalize on the Katong/Joo Chiat’s rejuvenation and such site is very rare in the current market.
He also points out that as for redevelopment, investors or developers can retain the current use or build a new boutique residential development in this popular district.
Co-living space is another option that can be used on this site which can offer mix of short-stay and long-stay accommodation, Mr. Teo added.