Rare freehold commercial development site has prominent dual road frontages and seamless connectivity
The Freehold site is regularly-shaped with an area of 1,333 sqm (approximately 14,348 sq ft). Although the site is zoned “Reserve Site” on the Masterplan 2014, based on the Outline Planning approval obtained by the owner, URA is prepared to consider rezoning the site to “Commercial” with a maximum plot ratio of 1.2. The site may be redeveloped into a 2-storey commercial development with a total gross floor area of approximately 17,218 sq ft. F&B use is allowed in the new development. Subject to the relevant authorities’ approval on the above, a Development Charge of approximately $9.728 million is payable for the rezoning to commercial use.
2 Hillview Road is strategically located on top of the upcoming Hillview MRT station on the Downtown Line, which will be connected directly to key precincts in the city centre including Marina Bay, Bugis and Chinatown when it comes operational in 2015. The site also adjoins the Rail Corridor - a seamless 24 km-long recreational green corridor from Woodlands in the north to Tanjong Pagar in the South.
Galven Tan, Director, Investment Properties, CBRE said, “This is an exceptional offering as it provides a rare opportunity to acquire a prominent freehold full commercial development plot. Such an offering is hardly available, especially one with approval for F&B use in place.”
Potential buyers are expected to enjoy strong capital upside in the medium term in conjunction with the completion of the Hillview MRT station and the transformation of the Rail Corridor. The immediate neighbourhood is surrounded by high-rise private residential developments and thus the subject site enjoys immediate residential catchment and affluence of the profile of the neighbourhood.
“With ensuing demand from owner-occupiers seeking properties with prominent naming and signage rights, we envisage strong interest from end-users who will develop the subject site as their corporate headquarters. Further we also expect the sale to garner interest from local and foreign investors who are actively seeking to purchase a strategically located freehold commercial development plot which will offer strong rental income stream and capital appreciation in the medium term.“ Galven added.
As the property is to be re-zoned as a commercial plot, this public tender is open to both local and foreigners with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD) imposed on the purchase of the subject site.
CBRE is the sole marketing agent for this Public Tender Exercise.
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