Apartment development Min Yuan, a 27-unit residential with commercial on its first storey has been put up for sale with an asking price of S$145 million, said exclusive marketing agent CBRE on Monday.
Including a payable development charge of around S$19.55 million, the land price works out to about S$2,678 per square foot per plot ratio (psf ppr) for the 999-year leasehold site which spans about 14,629 sq ft.
Despite being zoned for “residential with commercial at first storey” use under the Urban Redevelopment Authority’s (URA) 2014 Master Plan, CBRE said the site can be redeveloped to accommodate a hotel building at a plot ratio of 4.2, or with a maximum permissible gross floor area of about 61,443 square feet. This is subject to re-zoning guidelines and conditions fulfilment, based on URA Outline Planning Permission advice.
According to CBRE, comparable transacted land prices for the neighbouring Waterloo Apartments and the Golden Wall Centre range from about S$2,550 to S$2,720 psf ppr, after factoring in estimated payable development charges.
Galven Tan, CBRE executive director of capital markets and residential services of CBRE said the property presents “a timely opportunity” for buyers to capitalise on the government’s Draft Master Plan 2019 announcement to further invigorate and anchor the Bugis, Bras Basah, Fort Canning and civic district as a cultural and lifestyle destination steeped in arts and heritage.
“Upon redevelopment, the future hotel development will enjoy a panoramic unblocked view of Singapore’s CBD (central business district) skyline and Fort Canning Park,” he added.
Min Yuan is located close to many Singapore landmarks such as National Museum of Singapore, Singapore Art Museum, Stamford Arts Centre, National Design Centre, Singapore Management University, School of the Arts and Nanyang Academy of Fine Arts.
It is also served by four MRT stations – namely Bras Basah, Bencoolen, Bugis and City Hall, and near malls and developments such as Bugis Junction, Bugis+, Bugis Village and DUO, among others.
The public tender exercise is slated to close on Sept 3 at 3pm.