Realty Centre, an office block in Tanjong Pagar, has become the first commercial block to be sold en bloc this year, but its $148 million sale price was below the reserve price.
Marketing agent Cushman & Wakefield had put the freehold 12-storey building up for collective sale in January with a reserve price of $165 million.
The buyer is Singapore-listed The Place Holdings, which intends to redevelop the property into a mixed-use commercial and residential tower. The building will also serve as the company’s headquarters.
The Place Holdings deals in branding, events organising and tourism-related business development, and is backed by China’s The Place Investment Group.
Realty Centre has a land area of about 11,000 sq ft and is zoned for commercial use, with a plot ratio of 5.6 and a maximum height of 35 storeys.
Cushman & Wakefield noted that under the new CBD Incentive Scheme, Realty Centre falls under the Anson precinct. This means the property could enjoy bonus plot ratios of between 25 per cent and 30 per cent if there is a change of use – to either residential and commercial or residential with commercial – on the first storey.
Cushman & Wakefield capital markets director Christina Sim called Realty Centre a “versatile site” sitting on the fringe of a location that will be undergoing “massive urban rejuvenation and transformation”.
“Source:[Realty Centre in Tanjong Pagar sold en bloc for $148m, below reserve price] © Singapore Press Holdings Limited. Permission required for reproduction”
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