Hoe Chiang & Lim Teck Kim Road Site Collective Sale 2023 Facebook

Hoe Chiang & Lim Teck Kim Road Site Collective Sale Relaunched in 2023

PropNex announced that a pair of 5-storey buildings on Hoe Chiang and Lim Teck Kim Road in the prestigious Central Business District (CBD) Tanjong Pagar will be put up for collective sale again at an unchanged reserve price of S$216 million.

The public tender for the 999-year leasehold prime site will close on May 31 at 2 pm.

According to PropNex, the cost of an office development comes out to an estimated land rate of S$2,602 per square foot per plot ratio (psf ppr) – inclusive of an anticipated S$54.1 million land betterment fee (LBC).

The successful bidder also has the option to redevelop the land as a hotel development.

The reserve price will thereafter be equivalent to a land rate of S$2,662 psf ppr, which includes the expected LBC of S$60.4 million.

The property consists of two commercial developments with their backs to each other—1, 3, 5, 7 and 9 Hoe Chiang Road and 2, 4, 6, 8 and 10 Lim Teck Kim Road—with a small patch of vacant ground in between.

The Hoe Chiang Road site measures 8,449 square feet (sq ft) and the Lim Teck Kim Road site is around 8,450 sq ft; both were constructed in 1959.

The combined anticipated land size of the two structures plus the remnant land will be about 18,540 sq ft.

Contact Tracy Goh Now at: +65 9001 0711 or Sent an Email Below

This creates a rectangular-shaped plot that would be ideal for a hotel or Grade A office development amid the ongoing transformation in Tanjong Pagar, said PropNex.

The prime site has a gross plot ratio of 5.6 and is designated for commercial use in accordance with the Urban Redevelopment Authority’s Master Plan 2019. There are no additional buyer’s stamp duties payable.

According to Tracy Goh, head of investment and collective sales at PropNex, “the successful bidder can transform this prime site into a 36-storey building to realize potential gains from the plot ratio of 5.6.”

The government’s plan to further revitalize downtown Singapore and ongoing redevelopment projects in the area, such as Keppel South Central, Newport Tower, the old Realty Centre, and others, present a good opportunity to build a hotel or serviced apartments.

She believes the property might see further gains in the mid- to long-term due to a prolonged rebound in Singapore’s hotel industry and its closeness to the upcoming Greater Southern Waterfront zone.

“We foresee high purchasing interest for this collective sale plot given the site’s strong location qualities and redevelopment potential,” added Goh.

She pointed out that there are now no other 999-year tenure commercial sites available for purchase in the CBD.

The Tanjong Pagar MRT station and two planned stations on the Circle Line, Cantonment and Prince Edward Road, are both close to the redevelopment site.

Combine Site Quick Facts

  • Commercial Zone. No ABSD Payable!

  • Within Bustling Central Business District

  • Very Rare 999-yr Leasehold Site

  • Close to Greater Southern Waterfront

  • Convert into 36-storey Grade A Office Development (Huge Demand)

  • Able to Convert into Hotel Development

  • All in One Build (Popular)

  • Tourist Zone. Lots of Attractions

  • Huge Array of Amenities Nearby

  • Excellent Connectivity (3 MRTs)

Prime 999-year Office Space in CBD in Huge Demand!

Land prices in Singapore have been rising steadily, and government land sales (GLS) tenders continue to show an upward trend for all asset classes, be it hotel, commercial, or residential lands.

As GLS is 99-yr leasehold, it gives an uplift to 999-year and freehold lands in Singapore.

Investors begin to recognize that Singapore’s land is getting pricier by the year because of Singapore’s resiliency, political stability, good corporate governance, and strong currency, and many tycoons all over the world are setting up their family offices in Singapore to invest in Singapore real estate on a long-term basis. 

With this perspective and positive outlook, naturally all 999-year and freehold projects are most sought after as they will prove to appreciate well in the long run.

Many CBD buildings are also 99 years in tenure and it is rare to find a 999- year or freehold tenure buildings in CBD.

Most Wanted 999-yr Office Space in CBD. Targeted by Most Investors

Developers Are Preparing to Fight Tooth And Nail For This Lucrative Plot Of Land because 999-yr Leasehold Site is So Rare and Hard to Find in CBD Zone and Commercial use with No ABSD Involved Appeal To Them Even More

PRIME Grade A Office Rents in The Raffles Place/Marina Bay Precinct Continue To Rise!

Building Owners Usually Adopt “Lease Out First and Sell Space Later” Strategy. A Good Anchor Tenant Will Maximise the Value And Image Of The Building Further.

This Enables Them to Enjoy Huge Rental Income Over the Years and They Can Sell the Building at “The Right Time at Their Desired Numbers”

According to market analyst, prime grade office rentals in the Raffles Place/Marina Bay area increased over 5% in the year of 2022.

They predicted that rental growth will continue to increase by roughly 3% this year and beyond. Currently, the prime area’s average rent is roughly S$10.69 per square foot or meter (psf pm).

The prime office sector has become a landlord’s market due to the constrained supply of new office inventory paired with stable demand for conventional as well as co-working spaces.

Offices in the Raffles Place/Marina Bay area were around 95.5% filled in the fourth quarter of 2022, while total Central Business District (CBD) occupancy increased to 94.2% from 93.6% in the previous quarter.

According to market watchers, this is probably because office space is in more demand as corporate operations get up again in a recovering economy.

CBD Office Rental Up

Rental Goes Up. Landlords in CBD Are Smiling. Every Developers Want To Be Part of Them Too

Despite the fact that inflation and the turbulence in the technology industry are predicted to restrict development in 2023, economists predict that the need for office space will be maintained as firms relocate their operations from other regions of Asia to Singapore.

They said that Singapore is regarded as flight-to-safety destination.

In order to serve the rapidly expanding middle class in the area, they said, “international corporations ready to profit from the receding epidemic in growth countries, like as South-east Asia, are also seeking to set up or expand in the city-state.

According to analysts, the percentage of employees who work remotely is likely to decrease from an estimated average of 20%, depending on the nature of each organization and each employee’s specific job duties.

Research Has Found Out That...

Major Tenants are Reportedly Still Looking For New Office Space With Better Facilities and Moving Out Of Their Current Aging Office Buildings. In Order To Fulfill Their Needs, Developers Should Seize This Opportunity By Buying This Site and Redeveloping It Into a New Office Development.

CBD Zone – Top Choice for Businesses

Central Business District Singapore Top Business Choice

The location plays a big part of success, and CBD continues to have a strong “Pull Factor” for firms.

The CBD continues to come out on top whether considering a company’s primary workspace or relocation.

Reason why investing on this site has a significant advantage to investors or developers is the property’s excellent location, which is close to a wealth of amenities and many attractive destinations in Singapore.

Fine dining, entertainment, shopping, and superb food and beverage outlets are nearby, as well several shopping malls and neighborhood restaurants, all of which are located in Singapore’s lively and busy commercial area.

With Tanjong Pagar MRT station just a short walk away, commuting is made simple. The upcoming stations Cantonment & Prince Edward will improve connection in the neighborhood even further.

Major corporations base their decisions on conveniences and accessibility to everything when determining where to locate their company.

Furthermore, the CBD is also undergoing transformation that will increase its appeal as a premier destination for top businesses.

New integrated projects are being developed, while older structures are being refurbished.

79 Robinson Road Sold for S$1.26 billion, Send Shockwave Across CBD in 2022

The Sale of 79 Robinson Road at S$1.26 billion Send Shockwaves Across CBD in 2022. The New Development Was Completed Just 3 Years Ago in April 2020

Top talents may live close to their workplace as more residences are constructed in the CBD, which will also boost business for retail and food and beverage establishments there.

Major corporations from all over the world will easily be drawn to the newly developed Grade A office building with contemporary amenities, and ultimately all the space will be occupied.

Therefore, if the winning bidder selects the first redevelopment option, they will undoubtedly park themselves in the right location for future capital appreciation.

The public tender for the Hoe Chiang & Lim Teck Kim Road collective sale site will ends at March 22 at 2:00 p.m.

For Enquiries, Site Inspection Please Call Tracy Goh at: +65 9001 0711 or Email to PropNex tracygoh@propnex.com for more information

Hotel Development– Full, Partial or Ignore?

Should Developer Go for Full Hotel Development or Just Add as a Component in All-In-One Build?

Hotel Development Tourists Coming Back

Tourists Are Coming Back and The Numbers Are Growing…

Singapore Tourism Board (STB) Has Serious Plans To Make the Numbers Even Bigger

An estimated 12 million to 14 million foreign visitors are anticipated in Singapore in 2023, with a complete tourism recovery anticipated by 2024, according to the Singapore Tourism Board (STB)

The projection, however, is dependent on a number of assumptions, including the absence of any new Covid-19 variants of concern, China’s continued reopening, and the sustained expansion of international aircraft capabilities.

They also revealed that 6.3 million foreign tourists’ arrival in the year 2022 and the numbers are still a fraction of pre-Covid-19 tourism performance figures.

The highest record so far was in 2019 where visitor arrivals hit 19.1 million and $27.7 billion was made through tourism.

A $110 million investment, part of the $500 million the government has put aside to support the sector and ramp up business and leisure events during 2023 and 2024, will enhance the tourism industry’s recovery in 2023.

According to STB, development will also be fuelled by leisure events and meetings, incentives, conferences, and exhibits (Mice).

As tourists return, room rates rise, many Hotel owners have already made their moves. Many brand-new hotels in Singapore are popping up everywhere.

Mandarin Orchard Singapore at 333 reopened early in 2022 as Hilton Singapore Orchard, the original Hilton Singapore at 581 Orchard Road is now Voco Orchard Singapore, a new brand of IHG Hotels & Resorts.

At the location of the old Grand Park Orchard, 270 Orchard Road, Accor’s Pullman Singapore Orchard debuted on December 1; in contrast, Far East Hotel, a local hospitality management firm, debuted its Vibe Hotel Singapore Orchard on November 3.

In the next two years, another 9 or so brand-new hotels are expected to complete. This includes The Singapore Edition, Artyzen Singapore, and The Standard, Singapore.

Following two years of pandemic restrictions that damaged business, hotel owners are scrambling to meet demand now that tourists and business travellers are returning to Singapore.

Hotel Developed Here Has Higher Advantages

All The Top and Best Attractions in Singapore Are Close to This En Bloc Site

Merlion Singapore Top Attraction

Merlion Singapore

Tourists No.1 Stop

Marina Bay Sands Top Attraction Singapore

Marina Bay Sands

Another Popular Destination

Clarke Quay Singapore Entertainment District

Clarke Quay Entertainment District

Always Very Crowded

The redevelopment site has the best business location and is surrounded with many places of interests, attractions and top destinations like Marina Bay Sands and Merlion Singapore.

With the help of the convenient nearby MRT station “Tanjong Pagar” which served 2 lines, tourists can reach their destination easily with just few rides away.

The Merlion, the island’s most well-known sight, is Singapore’s legendary emblem. During the day, hordes of tourists were seen jostling for position for Singapore’s most popular photography session in front of the 70-tonne concrete figure.

It is just a short stroll from Raffles Place MRT Station which is only 1 ride away from Tanjong Pagar station. Another key Attraction “Marina Bay Sands” can be reach through this station.

Nightlife popular destination such as Clarke Quay & Boat Quay are close to the site and is often very crowded. There are pubs and restaurants all along the riverfront, and the views of the city skyline are breathtaking.

Nightlife attraction, which includes Zouk and Attica, is jam-packed with events, live music. For thrill-seekers, there is the human slingshot G-Max, a rollercoaster that lifts you off the ground at a terrifying 160 mph.

Currently undergoing a $62 million renovation, Clarke Quay will be operational in the third quarter of 2023.

Research Has Shown That…

Travellers Prefer to Book a Brand-New Hotel Because They Want To Experience The Hotel's Fresh Atmosphere, Rooms, and New Facilities. Everyone Loves “New”
Last Option Might Be the First Choice– All in One Build!

Having all the components which includes office, hotel and retail units in one huge complex may be inside some ambitious developer’s mind.

Tracy Goh of PropNex said that this concept is not New in Singapore and is a very popular one but is subject to approval from the authority.

She added that anything they build will sell, not only that, at their desired price.

For office space, the demand is huge in the market, finding major tenants to fill up the space requires little effort as they are the ones who require new space.

They can lease out the office space first and sell the space at the later stage to reap huge profits. As what happened to 79 Robinson Road.

As for hotel component, if they don’t want to run the business themselves, they have the option to sell hotel keys to any operator here. Amid of tourism recovery, they will gladly snap up all the units.

The retail units will be eventually grab by the F&B players and shop owners, knowing that all the space will be fill with tenants or hotel guests above their stores is a good thing for business.

The public tender for the Hoe Chiang & Lim Teck Kim Road combine enbloc site will ends at March 22 at 2:00 p.m.

For Enquiries, Site Inspection Please Call Tracy Goh at: +65 9001 0711 or Email to PropNex tracygoh@propnex.com for more information

Duo Singapore All in One Build

The Public is Astounded by Duo Singapore’s (All-In-One) Superb Design. A Bold Developer Might Create an Iconic Structure For This Site

Hoe Chiang & Lim Teck Kim Road Combine Site En Bloc All Details
  • Status: For Sale

  • Tenure: 999-year Leasehold

  • Land Size: 16,899 (Combine)

  • Plus, Remnant State Land = 18,542 sq ft (Total)

  • Total Units: 50 (Combine)

  • Gross Plot Ratio: 5.6

  • District: 2

  • Address: 1, 3, 5, 7 and 9 Hoe Chiang Road and 2, 4, 6, 8 and 10 Lim Teck Kim Road

  • Singapore Region: Core Centre Region (CCR)

  • Nearby MRTs: Tanjong Pagar, Cantonment & Prince Edward (Upcoming)

  • Marketing Agent: PropNex Realty

  • Reserve Price: S$216 million

  • Tender Close: May 31, 2023