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A prime commercial development site in Queenstown, where the iconic Queenstown Cinema once stood, has been put up for sale with an asking price of $200 million ($2,063 psf).
Marketing agent Cushman & Wakefield revealed that the vacant plot has a land area of 3, 001.2 sq m (32,305 sq ft) and a 99-year lease that started from 1 January 1975.
Located a short walk from Queenstown MRT station, the site at the corner of Margaret Drive and Commonwealth Avenue has an approved gross floor area of 9,003.6 sq m (96,914 sq ft).
It has been granted written permission to be developed into a six-storey commercial building comprising restaurants, shops, community institutions and a ciniplex with basement car parking lots. No development charge is payable for the site.
“The immediate neighbourhood of the subject site is undergoing massive rejuvenation with multiple new condominium developments such as Stirling Residences, Margaret Ville, Commonwealth Towers and Queens Peak, as well as new public housing projects including SkyOasis @ Dawson, Skyresidence @ Dawson, Skyville @ Dawson and Skypac @ Dawson, amongst others,” said Cushman & Wakefield capital markets executive director Shaun Poh.
When completed, the new commercial development will serve over 17,000 households from the new and existing residential developments in the vicinity.
“This is a rare opportunity to acquire a prime commercial development site right in the heart of Queenstown, a mature and highly popular residential precinct. In fact, it is the only commercial site available on the market within the locale.”
The tender for the site closes on 8 January 2019.
Photo: Cushman & Wakefield
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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