Midlink Plaza, Permai Court for sale

Midlink Plaza, a nine-storey commercial building at the junction of Queen Street and Middle Road, has been launched for tender with an indicative price of between S$120 million and S$130 million.

With the building’s existing strata area of 92,861 sq ft, the price tag translates to around S$1,292 psf to S$1,399 psf. However, after factoring in S$16.8 million to S$18.3 million for the top-up of the lease to an additional 99 years, the indicative price could work out to approximately $1,068 psf ppr to S$1,158 psf ppr, said Credo Real Estate, which is marketing the property.

The property has 68 years left on its 99-year leasehold period. It comprises 79 strata-titled retail and office units, with a total gross floor area of 128,076 sq ft. It is zoned for commercial development under the Master Plan 2008, with a maximum height of 16 storeys.

Meanwhile, a freehold residential development comprising eight apartments at Kampong Bahru Road was also launched for sale with an asking price of between S$20.5 million and S$21 million.

This works out to around S$982 psf ppr to S$1,003 psf ppr, inclusive of $2.26 million in development and premium charges for the adjoining state land.

The property, Permai Court, has a total land area of 8,009 sq ft and a land size of around 10,033 sq ft when combined with the adjoining state land.

The site is zoned for residential development under the Master Plan 2008, with a height limit of 24 storeys and a gross plot ratio of 2.1.

Subject to the necessary approvals, a new development for the site can potentially generate up to 23,176 sq ft of gross floor area, including 10 percent balcony space.

Marketing agent HSR Property Consultants said the future development can yield 38 units with an average size of 600 sq ft per unit. It estimated that a brand new freehold development on the site can fetch up to S$1,650 psf.

The tender for Permai Court will close on 8 September 2011, while the Midlink Plaza tender will close on 23 September 2011.

Source : PropertyGuru – 25 Aug 2011