A 27-unit residential development at Waterloo Street, using a vacant business unit on its first floor, was established for collective economy. The development, known as Min Yuan, has an asking price of $145 million. Retailing for a payable growth charge of $19.55 million, the property cost equates to roughly $2,678 psf per plot ratio,” states advertising representative CBRE.
The land sits on a 14,629 sq ft plot in 62 Waterloo Street with a 999-year tenure. Although it’s now zoned for”residential with commercial in first storey” usage under the 2014 Master Plan, the website could be developed to a resort construction in a plot ratio of 4.2, or a maximum permissible gross floor area of roughly 61,443 sq feet, dependent on URA Outline Planning Permission advice.
“The subject land presents a timely chance for buyers to capitalise on the government’s Draft Master Plan 2019 statement to further anchor and interrogate the Bugis, Bras Basah, Fort Canning and Civic District as a cultural and lifestyle destination,” states Galven Tan, executive director of capital markets and residential solutions in CBRE. The future resort development will even appreciate unblocked panoramic views of Singapore’s CBD skyline along with the Fort Canning Park, he adds.
This past year, tourist arrivals climbed 6.2percent y-o-y to 18.5 million, and investment requirement for resort assets has climbed along with the momentum has become 2019. “We’re getting more enquiries for resort chances; and in actuality, the pre-marketing actions for the subject site have attracted strong interest because of the locational features,” says Tan.
In November this past year, the neighbouring Waterloo Apartments were offered to Fragrance Group for $131.1 million, and also the programmer announced its intention in the opportunity to redevelop the website into a new resort. This month also found Golden Wall Centre in Short Street sold en bloc for $276.2 million into a subsidiary of Worldwide Hotels, which counts the Hotel 81 chain in its own portfolio.