Realty Centre, a commercial development at 15 Enggor Street within the Central Business District, has been launched for en bloc sale carrying a reserve price of $165 million.

Including an estimated development charge of $2.188 million, the price works out to $2,714 psf per plot ratio, said marketing agent Cushman & Wakefield.

The project sits on an approximately 11,000 sq ft site zoned commercial under the 2014 Master Plan with a plot ratio of 5.6+ and a height limit of up to 35 storeys. Its verified gross floor area of about 59,355 sq ft is equivalent to a plot ratio of 5.396.

The freehold site is a short walk to Tanjong Pagar MRT station (East West Line) and the upcoming Prince Edward station (Circle Line), which is expected to be completed on or before 2025.

It is also within the vicinity of Oasia Hotel Downtown, Amara Hotel/100AM, Tanjong Pagar Centre and Carlton City Hotel.

“This offering gives the potential developer a compelling opportunity to have a presence in our Central Business District. Furthermore, the site is also within the Tanjong Pagar Master Plan, a location slated for a massive transformation,” said Christina Sim, director of capital markets at Cushman & Wakefield.

“With the planned relocation of Singapore’s container ports to Tuas which will free up some 1,000 ha of prime waterfront land, collectively known as the ‘Greater Southern Waterfront’, Tanjong Pagar will be a colourful masterpiece showcasing the old and the new, the best of Singapore.”

The tender for Realty Centre closes on 21 February.

Source: 8 January 2019, CommercialGuru