Two mixed-use developments are on the collective sale market – one making its debut, while the other is trying again after a revamped proposal.
The new entrant is the freehold Hoa Nam Building in the Lavender area, which is asking for $160 million. The price works out to $1,866 per sq ft based on the gross floor area (GFA) of 85,744 sq ft, said marketing agent Huttons Asia.
This is 4.0133 times the site area of 21,365 sq ft and exceeds the 3.0 plot ratio designated under the Urban Redevelopment Authority’s (URA) Master Plan 2014. The land is zoned for commercial and residential use.
Hoa Nam Building in Foch Road has 83 units – 36 apartments, 14 offices and 33 shops. The site can be redeveloped up to the current GFA, said Huttons Asia’s Stephen Tan, or alterations carried out on the existing building.
It is near Bendemeer MRT station, and Farrer Park and Lavender stations are a short distance away.
“This property is ideal for co-living and co-working space on the upper levels, with shops and food outlets on the lower floors,” he said.
The URA said it could rezone the site to full commercial use at a plot ratio of 3.0, subject to conditions.
If a buyer pursues this route, the additional buyer’s stamp duty would not be applicable, said Mr Tan. “No development charge is payable for Hoa Nam Building due to its high development base line.”
The tender closes on Aug 20.
The other building vying for a buyer is Sultan Plaza – a 244-unit, 99-year leasehold development in Jalan Sultan, off Beach Road.
It is relaunching its bid to sell en bloc after getting URA support for hotel, mixed commercial and residential use.
The tender for the 1970s block will be relaunched on Thursday with the same reserve price of $380 million and will close at 3pm on Aug 1.
Sultan Plaza is on a land area of 52,471 sq ft. It can be redeveloped up to a gross floor area of about 24,370 sq m, reflecting an equivalent plot ratio of 5.0 and a development height control of approximately 33 storeys.
Sales agent ERA Realty Network said the allowable use for hotel was timely as a “bonus option” as prospective buyers had indicated interest in developing it into a hotel with commercial components or a hotel with commercial and service apartments.
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