A rare redevelopment site at Waterloo Street for sale by tender

A timely opportunity for the buyer to capitalize on Singapore’s plans to further invigorate the art, cultural and heritage district

SINGAPORE – CBRE, as the exclusive marketing agent, is launching the public tender sale of Min Yuan, a 27-unit residential with commercial on 1st storey development at 62 Waterloo Street.

62 Waterloo Street. Picture: CBRE

The subject property sits on a 999-year leasehold site of approximately 14,629 square feet.

While the site is currently zoned for “Residential with Commercial at 1st storey” use under the 2014 Master Plan, the site can be redeveloped to accommodate a hotel building at a plot ratio of 4.2, or with a maximum permissible gross floor area of approximately 61,443 square feet, subject to re-zoning guidelines and conditions fulfilment, based on URA Outline Planning Permission advice.

Galven Tan, Executive Director, Capital Markets and Residential Services of CBRE said, “The subject property presents a timely opportunity for buyers to capitalize on the government’s Draft Master Plan 2019 announcement to further invigorate and anchor the Bugis, Bras Basah, Fort Canning and Civic District as a cultural and lifestyle destination steeped in arts and heritage. Upon redevelopment, future hotel development will enjoy a panoramic unblocked view of Singapore’s CBD skyline and Fort Canning Park.”

“Singapore remains a top investment market in the region. Against the backdrop of increasing tourism arrivals which grew 6.2% YoY to 18.5 million visitors in 2018, investment demand for hotel assets have risen and the momentum has continued into 2019. We have been receiving more enquiries for hotel opportunities; and in fact, the pre-marketing activities for the subject site have drawn strong interest due to its locational attributes, as well as the buzz around the recent hotel land sale transactions.” added Mr Tan.

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The asking price for the subject property is S$145 million. Including a payable development charge of approximately S$19.55 million, the land price works out to about S$2,678 per square foot per plot ratio.

Comparable transacted land prices for the neighbouring Waterloo Apartments and the Golden Wall Centre range from approximately S$2,550 to S$2,720 per square foot per plot ratio, after factoring in estimated payable development charges.

Strategically located in the heart of Singapore’s art, cultural and heritage district, the subject property is close to many landmarks, including National Museum of Singapore, Singapore Art Museum, Stamford Arts Centre, National Design Centre, Singapore Management University, School of the Arts and Nanyang Academy of Fine Arts.

The site is well-served by four MRT stations – Bras Basah, Bencoolen, Bugis and City Hall – all of which are located within 500 meters. Amenities are easily accessible at the nearby Bugis Junction, Bugis +, Bugis Village and DUO, among others

The public tender exercise will close on 3 September 2019 at 3 pm.

This article is contributed by CBRE.