San Centre, a 12-storey office building on Chin Swee Road, has been put up for collective sale by tender.
Standing on 28,719 sq ft of land, the building comprises 107 strata-titled office units and 80 carpark lots. It has a total gross floor area of 131,895 sq ft, resulting in a plot ratio of 4.59.
Offers are expected to come in at between $115 million and $125 million, or between $872 and $948 per sq ft.
The planning authorities are prepared to support the redevelopment of the site into a 20-storey hotel development or a mixed residential and commercial development, with at least 60 per cent of the space allocated for commercial use.
Flanked by the Central Business District (CBD), Chinatown and Robertson Quay, San Centre occupies a commercially strategic location, opening the site to a wide range of redevelopment options.
San Centre is near both the Chinatown and Outram Park MRT stations, facilitating access to other parts of the island. Commuters will also benefit from its proximity to the upcoming Thomson Line.
The sale of San Centre follows the debut of some commercial developments in Chinatown, such as the new Parkroyal on Pickering hotel and the refurbished Chinatown Point.
The tender for San Centre closes at 2.30pm on March 25.
Source: Business Times –21 February 2013
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