Chinatown Plaza being sold by tender
Chinatown Plaza is up for collective sale, with Edmund Tie & Company (SEA) as sole marketing agent.
Such mixed-use redevelopment site in the city centre are rarely available, says the company.
Covering about 3150sqm, the freehold site is zoned for commercial and residential use and is now mainly used for offices. Subject to official approval, the site can be redeveloped up to its existing gross floor area of 12,610sqm, exceeding the permissible plot ratio of 3.5 as in the 2014 master plan.
At the junction of Craig and Neil Roads, the property has an unobstructed view of the city skyline, and is surrounded by restaurants and cafes including Burnt Ends, Esquina, Lokai, Luxe Sydney, Man Man Unagi Restaurant, Potato Head Folk and Xi Yan Private Dining.
Chinatown Plaza has three MRT stations (Tanjong Pagar, Maxwell and Outram Park) within a 400m radius, is close to the Central Expressway (CTE) and a five-minute drive to Raffles Place.
SEA senior director of investment advisory Swee Shou Fern says the precinct is a lifestyle enclave that also includes co-working spaces and boutique hotels.
She says the property could be used for a mixed commercial and residential project, or for serviced apartments or hotel development, subject to planning approval.
The asking price for the property is $270 million. No development charge is payable.
Tenders close on March 15.