Hoa Nam Building, a freehold mixed-development at 27 Foch Road in the Jalan Besar/Lavender Street locale, has been put up for collective sale with an asking price of S$160 million.
Marketing agent Huttons Asia said that this works out to S$1,866 per square foot based on the building’s existing gross floor area (GFA) of 85,744 sq ft.
This is 4.0133 times the site area of 21,365 sq ft – exceeding the 3.0 plot ratio designated for the site under the Urban Redevelopment Authority’s (URA) Master Plan 2014; the site is zoned for commercial and residential use.
Hoa Nam Building currently has a total of 83 units comprising 36 residential apartments, 14 office units and 33 retail units.
The site can be redeveloped into a new commercial and residential project that can be built up to the existing GFA, said Huttons Asia’s Stephen Tan, who is marketing the collective sale.
Another option for a potential buyer would be to keep the existing building, and do alterations and additions works.
The city-fringe property is located near Bendemeer MRT Station. The Farrer Park and Lavender MRT stations are also a short distance away. “This property would be ideal for co-living and co-working space on the upper levels, with shops and eating outlets on the lower floors,” said Mr Tan.
URA has advised that it can consider rezoning the site to full commercial use at a plot ratio of 3.0, subject to conditions. Mr Tan highlighted that if a buyer pursues this route, the additional buyer’s stamp duty would not be applicable.
“No development charge is payable for Hoa Nam Building due to its high development baseline,” he added.
The tender for Hoa Nam Building will close on Aug 20, 2019.