SINGAPORE – Edmund Tie & Company (ET&Co) is pleased to announce that freehold Golden Wall Centre has been sold at $276.2m, reflecting a land rate of $2,331 per square foot per plot ratio (psf ppr).
The successful buyer is City View Holdings Pte Ltd, a wholly owned subsidiary of Worldwide Hotels Pte Ltd.
Golden Wall Centre is a prime freehold commercial property with 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.
ET&Co advised the collective sale committee to submit an Outline Application for hotel use at the existing approved gross floor area of 11,007.929 sq m, reflecting equivalent plot ratio 4.88.
URA has informed that hotel use at plot ratio 4.88 can be allowed, subject to compliance of conditions and requirements.
Golden Wall Centre enjoys excellent accessibility being located at the doorstep of Rochor MRT station on the Downtown Line and within 400 metres to Little India MRT interchange, connecting the Downtown and North East Lines.
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.
Situated 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: “With its strategic city fringe location, prominent triple frontage and proximity to the arts, heritage and cultural districts, Golden Wall Centre is ideal for a hotel development.”
ET&Co is also handling the ongoing collective sale of Golden Mile Complex, an iconic landmark commercial property located along Beach Road.
The tender for Golden Mile Complex will close on Wednesday, 30 January 2019, at 3 pm.
Article contributed by Edmund Tie & Company.