As mixed-use developments become more sought after in land-scarce Singapore and as shared-living or co-living spaces move up the ranks of living options with not only foreigners but also locals, developers are picking up on the changing trends.
Thus, it would not be surprising if the 2 mixed-use sites in the city fringes up for collective sale are keenly watched.
City fringe locations of mixed-use sites
The 2 mixed-use sites are located in the city fringe districts of Lavender and Beach road.
Making its first foray into the collective sale market is Hoa Nam Building on Foch Road in the Lavender area. The site is zoned for residential and commercial use and has a reserve price of $160 million.
It has a gross floor area (GFA) of 85,774 sq ft, putting the psf price at $1,866; the plot ratio of 4.0133, however, exceeds the 3.0 designed by the Urban Redevelopment Authority (URA).
The current building consists of 83 units in total – 36 apartments, 14 offices, and 33 shops. The developer may opt to carry out alterations to the existing building or redevelop it to its current GFA.
With the Lavender, Farrer Park and Bendemeer MRT stations all nearby, the site is just a few stops away from the Central Business District (CBD) and also the up-and-coming Bugis-Rochor district. The area is primed for co-living or co-working spaces and the lower floors can be tenanted to shops and eateries.
Second attempt for Sultan Plaza off Beach Road
Situated even nearer the Ophir-Rochor area, which will be developed to be an extension of the main CBD, is the 99-year leasehold Sultan Plaza is also making another bid at the en bloc process.
The 244-unit plaza sits on Jalan Sultan, just off Beach road, and has received URA approval for the redevelopment of the site for hotel, mixed commercial and residential use.
They are hoping to attract buyers and their reserve price remains at $380 million. The addition of the site’s allowable hotel use may be a premium to prospective buyers as there has been interest shown in developing the site into a hotel or serviced apartments with commercial components.
The site currently sits on a land area of 52, 471 sq ft but can be redeveloped up to a GFA of 24,370 sq m with a plot ratio of 5.0. There is a height control of approximately 33 storeys. The tender for Sultan Plaza will close on Aug 1.