Manhattan House – a full commercial site along Chin Swee Road – will be up for sale via a public tender on Friday, with a reserve price of S$300 million.
This reflects a land rate of S$1,681 per square foot per plot ratio, inclusive of the differential premium payable, ERA Realty Network said in a news release on Wednesday.
The collective sale launch was announced after Manhattan House received a mandate from over 80 per cent of the owners who were in favour of the en bloc exercise. The tender will close on Nov 20 at 2pm.
ERA Realty Network said the site has already attracted “keen interest” from both local and overseas developers, given the site’s “prime location and competitive reserve price”.
Built in the early 1970s, the 269-unit, 99-year leasehold development sits on a land area of 4,167.7 square metres and is zoned for commercial use, with the Masterplan 2014 indicating a plot ratio of 4.7.
ERA noted, however, that the development baseline record is ascertained by the Urban Redevelopment Authority as about 21,000.32 sq m, reflecting an equivalent plot ratio of 5.038.
Manhattan House was developed and built by developers Boon Ann Properties Company half a century ago in 1969.
Manhattan House is within walking distance of four MRT stations across three different lines, and the site is located between Chin Swee Road, Upper Cross Street and Havelock Road.
It is near prominent buildings such as the State Courts, Ministry of Manpower, People’s Park Centre, People’s Park Complex, Central Mall and Central Square.
“Future expansion into the neighbouring site is also conceivable, which makes it attractive for developers who want to create an architectural masterpiece in this precinct,” said Jeremy Chiu, group division director at ERA Realty Network.