Two sites up for collective sale

The 999-year leasehold Waterloo Apartments has an asking price of $115 million and is zoned "residential with first-storey commercial", with a plot ratio of 2.8.
Dated: 20-Sep-2018

Two sites easily accessible by public transport are the latest to go up for collective sale.

One is the 999-year leasehold Waterloo Apartments in Waterloo Street, a site with outline planning permission for hotel use, said marketing agent Cushman & Wakefield yesterday.

The other is Freehold Yuen Sing Mansion in Lorong 13, Geylang.

Waterloo Apartments has an asking price of $115 million and a land area of 14,369 sq ft, translating to a land rate of $1,906 per sq ft per plot ratio (psf ppr). It is zoned "residential with first-storey commercial", with a plot ratio of 2.8.

Outline planning permission allows the existing block of 30 units to be changed to hotel use at a plot ratio of 4.2 or a total maximum gross floor area of 60,348 sq ft. The developer could build about 180 hotel rooms with an average room size of 20 sq m (215 sq ft).

There is no development charge due, given the high development baseline of 7,168 sq m for sites under the residential use group. The site is within walking distance of Bencoolen and Bras Basah MRT stations.

The tender closes at 3pm on Oct 23.

The four-storey Yuen Sing Mansion sits on a 7,868 sq ft plot and houses nine apartments. All the owners have consented to the collective sale, said marketing agent JLL. They expect bids in excess of $17 million, equivalent to $779 psf ppr or $753 psf ppr after factoring in the 10 per cent balcony bonus and an estimated development charge of about $1.24 million.

The site is zoned residential/institution with a gross plot ratio of 2.8 and an allowable height of up to eight storeys, subject to 26m above mean sea level.

It has easy access to entertainment and dining options in the Geylang area and is within walking distance of Aljunied and Kallang MRT stations, said JLL.

The tender closes at 2.30pm on Oct 23.

Source: Straits Times