New Launches News - The Place Holdings aims to 'exploit value' by selling Realty Center for $ 185 million.
New Launch Condo Gloria Mansion at Pasir Panjang
New Launch Condo The 12-story Realty Center commercial building located at 15 Enggor Street in Tanjong Pagar, part of Singapore's Central Business District, has been demolished. Construction has yet to begin on the site, which was acquired by Singapore-listed The Place Holdings in April 2019 for $148 million. (See potential apartments with block calculator).
New Launch Condo is located on 11,000 square feet of land, zoned for commercial use with a plot ratio of 5.6 and a maximum height of 35 stories. The purchase price translates to approximately $2,441 psf per lot rate (ppr) at the time of purchase.
In addition to the location, The Place Holdings also transferred three parcels of state land totaling 358.8 square meters (approximately 3,862 square metres), bringing the total land area to 14,861 square metres. Upon acquisition, the site was able to take advantage of its dual frontage along Enggor Street and Bernam Street. It is within walking distance to Tanjong Pagar MTR Station and the near-complete Prince Edward MTR Station scheduled for completion in 2026.
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The acquisition of the Real Estate Center is in line with URA's announcement of the CBD Incentive Program in the 2019 Master Plan. Under the CBD Incentive Program, the Real Estate Center location is eligible for the bonus lot rate. from 25% to 30% if there is a change of use for hotel (25%), residential and commercial (25%) or residential with commercial on first floor (30%).
The Place Holdings has received temporary permission from URA to develop a 37-storey development with two-storey commercial podium and a 33-storey residential project with 114 apartments including terraces, swimming pools and facilities. Auxiliary. There will also be three basements for parking. Total proposed floor area (GFA) is approximately 108,194 square feet, which equates to a lot rate of 7.28 (excluding bonus GFA).
New Launch Condo, Right next to the Real Estate Center, rejuvenation is happening. Next to it is Anson House, which Hong Kong-based fund management company Arch Capital Management bought in August 2019 for $210 million. The refurbishment work has been completed and the last remaining floor of the office is for sale on the rental market for $8.50 to $9 psf per month by exclusive marketing firm Brilliance Capital.
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