A PAIR of 5-storey buildings on Hoe Chiang Road and Lim Teck Kim Road in prime Central Business District’s (CBD) Tanjong Pagar will be launched for collective sale in mid-November after recently achieving 80 per cent consent from owners.
Built in 1959, the 2 buildings sit with their backs facing each other on 999-year leasehold land and are located at 1, 3, 5, 7 and 9 Hoe Chiang Road and 2, 4, 6, 8 and 10 Lim Teck Kim Road. The Hoe Chiang Road site is 8,449 square feet and the Lim Teck Lim Road site is 8,450 sq ft.
Under Master Plan 2019, they are zoned for commercial use, with a gross plot ratio (GPR) of 5.6.
The amalgamation of the two sites and a piece of 1,643 sq ft remnant state land between them will take the total land area to 18,542 sq ft, forming a relatively squarish plot that PropNex says will be ideal for a Grade A office development amid the ongoing transformation in Tanjong Pagar.
The sole marketing agent said the sites will be launched together for collective sale when an ongoing exercise to verify their gross floor area (GFA) is complete. The exercise will give potential buyers further clarity on the applicable land betterment charge rate.
Currently, each of the 2 buildings comprises 5 commercial units on the ground floor and 20 residential units above.
By Corrine Kerk, Business Times