Ravi Chandran
Greater Southern Waterfront freehold high-rise CBD site for sale by expression of interest at indicative price of $715 million and potential to explore CBD Incentive Scheme
JLL, on July 22nd presented an exercise of Expression of Interest for the property at No. 15, Hoe Chiang Road, Singapore (the “Property”) – a prime development site for an exquisite mixed residential and commercial project, capitalizing on the additional gross plot ratio (“GPR”) accorded under the CBD Incentive Scheme for Anson area.
JLL is the the exclusive marketing agent for the Greater Southern Waterfront freehold high-rise CBD site.
The Greater Southern Waterfront freehold high-rise CBD 39,337 sf site has been approved for hospitality use with a gross floor area (“GFA”) of approximately 248,483 sf or an equivalent GPR of above 6.31 based on a Written Permission issued in November last year. In a recent Provisional Permission granted early this year, an additional 25% GFA has been approved for the proposed use with ancillary facilities and car parks of up to 37 storeys, effectively increasing the GFA to approximately 310,604 sf or an equivalent GPR of 7.896 under the CBD Incentive Scheme.
Bounded on three sides by Hoe Chiang Road, Lim Teck Kim Road and Cantonment Road to the south of the CBD, across from the Tanjong Pagar Terminal container port, the Greater Southern Waterfront freehold high-rise CBD site, upon redevelopment with a new tower rising tall, will provide the future occupants astounding panoramic sea views towards the Sentosa Island and the Southern Islands in the context of the very exciting upcoming Greater Southern Waterfront master plan, entailing waterfront live, work, play in an integrated and sustainable development.
With 30 km of coastline extending from Pasir Panjang to Marina Bay, covering an area six times that of Marina Bay, the Greater Southern Waterfront will be developed into a vibrant waterfront precinct with new commercial, residential, recreational and entertainment offerings and extended green corridors and continuous waterfront promenade.
Located in the growing, renewing and rapidly evolving Tanjong Pagar precinct, the Greater Southern Waterfront freehold high-rise CBD site is in the centre of many established Grade A offices occupied by multi-national and international corporations, hotel establishments and F&B offerings along Shenton Way, Anson Road, Tanjong Pagar Road, Cantonment Road and the heritage clusters of conservation shophouses. In close proximity are also many popular high-end residential developments such as The Wallich Residences, The Altez, V on Shenton, Icon Residences and Skysuites @ Anson.
The Greater Southern Waterfront freehold high-rise CBD site is close to four MRT stations along the East-West and North East Lines and the proposed Thomson East-Coast Line. The operational Tanjong Pagar Station is about 500 metres’ walk away and the Outram Park Interchange about 650 metres. The upcoming Cantonment Station is a mere 400 metres and Price Edwards 500 metres’ walking distance, both slated for completion in 2025. In addition, the Property enjoys an immediate access to the Ayer Rajah Expressway (AYE), leading to Marina Coastal Expressway (MCE) and East Coast Parkway (ECP), as well as Central Expressway (CTE).
Developers and investors will have the options of converting the plans under the CBD Incentive Scheme to at least 60% residential GFA (“Residential & Commercial”) or full hotel with a 25% additional GPR; or to “Residential with Commercial at the first storey” with a 30% additional GPR, subject to planning approval from the Urban Redevelopment Authority.
Mr Tan Hong Boon, Executive Director, Capital Markets, JLL, said: “Given its highly coveted freehold tenure, prominent corner location and allowable height, No. 15 Hoe Chiang Road presents developers and investors with a rare opportunity to own a flagship building with excellent visibility and naming rights for their commercial or hospitality uses; or to develop a mixed-use project with Grade A offices cum luxury residential units exploiting the prized scenic views that are sought after by well-heeled international residential investors who are prepared to pay good premiums for their sky abodes on the highest floors in the city.”
He added, “In the locality of Anson, Hoe Chiang, Tanjong Pagar and Cantonment Roads, we are observing potential rapid changes with several redevelopment plans underway, all taking advantage of the CBD Incentive Scheme and set to turning the locale into a new focal point extending towards and integrating into the proposed Greater Southern Waterfront. No. 15 Hoe Chiang Road will provide an incoming developer-investor the first mover opportunity to position itself for the capital value upside in the medium to long term.”
The current non-residential zoning of the Greater Southern Waterfront freehold high-rise CBD site also means that there is no Additional Buyer’s Stamp Duty payable and no foreign ownership restrictions.
The expression of interest exercise for No. 15 Hoe Chiang Road closes on Friday, 11th September 2020 at 2.30 p.m.
Mr Paul Ho, chief mortgage officer at iCompareLoan, said: “the Greater Southern Waterfront freehold high-rise CBD site is a fairly large development project. In the climate like the one we are in now, I do not think any one single developer will take it up alone. But the location of the Greater Southern Waterfront freehold high-rise CBD site is certainly attractive enough for joint bids to be placed for the development.”
In his National Day Rally speech made in August last year, Prime Minister Lee Hsien Loong said that Singapore’s Greater Southern Waterfront will be remade to take advantage of our coastline.
“Beyond protecting ourselves from rising seas, we also have long-term plans to remake and take full advantage of our coastline. One of these plans is the Greater Southern Waterfront (GSW). I first spoke about this in the 2013 Rally. Since then we have worked out more definite ideas. Let me first sketch out the overall shape. The GSW comprises 30km of our southern coastline, from the Gardens by the Bay East, all the way to Pasir Panjang. It contains 2,000 hectares of land: six times the size of Marina Bay and in our terms, double the size of Punggol.”
The Greater Southern Waterfront will include PSA city terminals at Tanjong Pagar and Pasir Panjang, as well as Keppel and Brani.
