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A freehold commercial site (pictured) along HIllview Road has been put up for sale by public tender, marketing agent CBRE said Thursday (11 June).
Located at 2 Hillview Road, the freehold site has an area of approximately 1,333 sq ft. The site comes with a guide price range from S$9.5 million to S$10 million, which translates to S$1,116 to S$1,145 per sq ft per plot ratio.
According to CBRE, although the site is zone “Reserve Site,” on the 2014 Masterplan, the Urban Redevelopment Authority (URA) will consider rezoning the site for commercial use with a maximum plot ratio of 1.2. It said the site may be redeveloped into a 2-storey commercial development with a total gross floor area of about 17,218 sq ft.
“Subject to the relevant authorities’ approval on the above, a Development Charge of approximately $9.728 million is payable for the rezoning to commercial use,” CBRE said.
The firm expects the sale to garner interest from local and foreign investors “who are actively seeking to purchase a strategically located freehold commercial development plot which will offer strong rental income stream and capital appreciation in the medium term.”
The tender exercise for 2 Hillview Road will close on 15 July.
Image source: CBRE
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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