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A 29-storey freehold office tower that is annexed with a three-storey hotel podium has been launched for sale by expression of interest (EOI).
15 Hoe Chiang Road, also known as Tower Fifteen, has a site area of around 39,337 sq ft and a current gross floor area (GFA) of 253,453 sq ft. The building’s total existing net lettable area (NLA) stands at around 210,268 sq ft.
Zoned “commercial” under the 2014 Master Plan, the site has a plot ratio of 5.6 and a building height of up to 35 storeys.
“The market has been anticipating the sale of a freehold commercial building in the CBD, given that buyers have been starved of such opportunities in the Singapore market over the last few years,” said Sammi Lim, Associate Director of Investment Properties at CBRE, the property’s sole marketing agent.
“Tower Fifteen is arguably the only freehold commercial building available for sale currently in the prestigious CBD, and hence we can expect strong interest from both the local and foreign buyers, which will include developers, investors, property funds and owner-occupiers looking for a corporate headquarters with building naming rights.”
The Urban Redevelopment Authority (URA) has granted written permission for the redevelopment of the property into a brand new 30-storey strata commercial development comprising of office and retail components, allowing the buyer full flexibility to explore various options for the building.
The EOI exercise for the property will end on 27 January 2016.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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