May 18, Edmund Tie & Company ( ET & Co) Property marketing agent, revealed that Chinatown Plaza located around District 2, specifically Craig Road has been disposed for as high as $260 million to a real estate unit connected with Royal Golden Eagle, a Singapore based development.
It is considered as the support -based manufacturing team globally operating along with its $24 billion assets.
The asking price is $270 million lower than its purchase price and covers out a land rate which is $1,915 psf for every plot ratio.
The shop owners and apartment holders can eject themselves and have in their pockets a gross sale output as high as $4.79 million to $3.44 million and $10.62 million to $1.64 million for every unit respectively
With a full completion in 1984, the property which is freehold grabs a 33,953 sq ft area zoned for residential and commercial functions per 2014 Master Plan. It has the big chance to be redeveloped until to its maximum total floor area of more or less 135,742 sq ft, going beyond the 3.5 ratios on a permissible plot.
ET & Co reiterated,”Outline planning is allowed for a commercial apartment for business use was also granted by URA or Urban Redevelopment Authority.”
Experience dual road around the intersection of Neil Road and Craig Road, Chinatown Plaza is near to three major MRT stations like the Maxwell, Tanjong Pagar and Outram Park.
” Those freehold multi-use sites around the city are not common, they are less available. Being in heart of the city, around the famous and vibrant community within close proximity to the major MRT Stations, the development is perfect for the serviced apartment. This property development opportunity will permit the buyer to hold the hot freehold development into a long-term asset or investment,” explained by ET & Co, Swee Shou Fern.
March 15 is the closing date for the tender of Chinatown Plaza.