Galven Tan, the investment sales and capital markets deputy MD of Savills while talking about TCS’s potential for redevelopment mentioned that since it is located in a commercial zone under the URA (Urban Redevelopment Authority) guidelines, no ABSD or additional buyer’s stamp duty will be applicable.
Under the URA guidelines, a property zoned commercial will use lesser than 60% for commercial purposes while 40% can be used for a six-star hotel or a luxury residential property.
According to market watchers, if 40% of the property is used for alternative purposes, the reserve price will get translated to about S$2,700 per square foot per plot ratio which will also include any development charge.
The prime site currently offers an unobstructed view of the Botanic Gardens and has a land area of 68,512 sq. ft.
There is a huge array of amenities around the freehold site and is near to several eateries, malls and entertainment outlets.
Tanglin Shopping Centre is also within short distance to Cold Storage Supermarkets, La Tanglin Boulangerie, Paragon Market Place and Jason’s, The Gourmet Grocer.
The nearest railway station Orchard, southeast from the enbloc site, is just 550 metres away.
A few Hong Kong based developers have already started talking to architects about the prospects of the site, added by Mr. Tan.
TSC is nearly 50 years old and has 360 strata of office and retail units. It comprises of 12 storey office block and also a 6-storey retail block with additional basement car parking facility.
There is also a multi-level car park in the premises. The overall strata area is about 230,000 square feet.
Currently under the URA Master Plan, 4.2 is the plot ratio of the property along with a minimum height limitation of 20 storey.