SINGAPORE – Edmund Tie & Company (ET&Co), the sole marketing agent for the collective sale of Golden Wall Centre located at 89 Short Street, is pleased to offer the freehold commercial property for sale by tender.
The property has a land area of approximately 2,251.9 square metres (sq m) or 24,239 square feet (sq ft) and is zoned for Commercial use under Master Plan 2014.
Subject to authorities’ approval, the site can be redeveloped up to its existing gross floor area of 11,007.929 sq m, approximately 118,488 sq ft, exceeding the permissible plot ratio of 4.2 as indicated in Master Plan 2014.
Golden Wall Centre enjoys an excellent location at the fringe of the city centre. It is conveniently located at the doorstep of Rochor MRT station on the Downtown Line (DTL) and within 400 metres to Little India MRT interchange, connecting the Downtown and North East Lines (NEL).
The property occupies a prominent corner plot with a 180-metre triple frontage boasting high visibility along the main thoroughfare of Rochor Canal Road, as well as Short Street and Albert Street.
Located within the Beach Road/Ophir-Rochor Corridor which is envisioned to be a vibrant mixed-use cluster under Master Plan 2014, Golden Wall Centre stands to benefit from the ongoing rejuvenation and transformation of the area.
Such transformations can be exemplified with new developments such as DUO and Tekka Place – a retail mall with 320 serviced residences directly opposite the property.
Senior director of investment advisory Swee Shou Fern commented: “Golden Wall Centre presents a unique and exceptional opportunity to develop a landmark commercial project. It can either be developed into corporate headquarters with potential naming and signage rights for the building, or for strata sale in a market where freehold strata retail and office properties next to MRT stations are rarely available for sale.
“With its strategic city fringe location and proximity to the arts, heritage and cultural districts, the property is also ideal for a hotel development, subject to planning approval.”
The reserve price for the property is $260m, which reflects $2,194 per square foot per plot ratio (psf ppr).
The tender exercise will close on Friday, 23 November 2018 at 3 pm.
Article contributed by Edmund Tie & Company.