700 Beach Road has been put up for sale. The property comprises 67,429 square feet of strata area and is currently fully occupied.
According to its marketing agent Jones Lang LaSalle, the office building in the Central Business District has an indicative price of S$120 million for 100 percent strata interest in the property.
Jones Lang LaSalle says the property sits on a commercial zoned site of 18,400 sq ft and existing plot ratio of 4.2, held in 55 strata title units.
The site has obtained provisional outline planning permission for conversion to hotel use. The property can potentially yield over 200 hotel rooms to meet demand from increasing tourist arrivals.
Ashish Manchharam, Head of Investments, South East Asia at Jones Lang LaSalle said, “With the growing number of large scale developments in the vicinity including South Beach, Ophir-Rochor site and the Sports Hub, we expect there will be strong interest from owner occupiers, investors and hotel owners.”
The development’s proposed sale by Expression of Interest will close at 3pm on 5 July 2012.