The Urban Redevelopment Authority, according to Cushman & Wakefield, advocates for at least 60% of the site’s GFA to be designated for commercial activities.
This encompasses potential for offices, retail spaces, and even gastronomic venues.
Moreover, an enticing 40% can be earmarked for either a maximum 450-key hotel, residential projects, or serviced apartments.
Depending on the utilization of this 40% quantum, prospective investors can look at S$2,164 psf ppr or S$2,290 psf ppr, inclusive of associated costs.
With the site being predominantly commercial, the notable absence of Additional Buyer’s Stamp Duty for either developmental direction further elevates its appeal.
Christina Sim, Cushman & Wakefield’s capital markets senior director, emphasises the unparalleled opportunity of procuring a commercial site of this stature.
One that lies within the path of Asia’s only Formula 1 Night Race, and promises the allure of “premium rents” given the rarity of commercial development sites in the region.