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Two property investment opportunities in the offing

Changi Hotel site going for $55m, Geylang shophouse devt priced at $36m

THE site of Changi Hotel, on Changi Road, is being offered for redevelopment with an asking price of $55 million.

The 26,433 square foot site has a plot ratio of 3.0 and can be redeveloped with a maximum gross floor area (GFA) of 79,299 sq ft. The site is being marketed by CB Richard Ellis (CBRE).

The property consultancy estimates that, including a development charge of about $12.5 million, the unit price for the site equates to about $850 per square foot per plot ratio (psf ppr).

Various corporate buildings sit on this same stretch of road, including AIA Changi and Great Eastern @ Changi.

CBRE executive director of investment properties Jeremy Lake said: ‘This regular site provides an excellent investment opportunity for the redevelopment of a corporate building or a boutique hotel.’

Colliers International has also put up for sale a newly restored two-storey shophouse development located at 512-534 Geylang Road with an indicative price of around $36 million.

To be sold via private treaty, the freehold property comprises 12 two-storey shophouse units with a total strata floor area of 29,504 sq ft.

Under the 2003 Master Plan, the subject property, which is also located in the Geylang Conservation area, is zoned for commercial use.

Colliers executive director of investment sales Ho Eng Joo said the island block of shophouses comes with 24 strata titles. They will be sold with vacant possession.

Mr Ho said that a potential use for the property is as a food and beverage establishment, as the area is already known for F&B. ‘Alternatively, the property is also suited for showrooms, karaoke lounges, pubs, shops and offices,’ he said.

 

Source: Business Times 3 Jan 08

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