Along with residential units, J’den will be housing a number of innovative and popular lifestyle amenities such as a roof top terrace overlooking Jurong East, a tall green wall and a green house concept amenity, as well as a gym, yoga room, library, spa, cafe and a pool. Residents of the surrounding area will be able to benefit from the new amenities of the Former JCube. Keyword: Redevelopment.
The commercial site bounded by Hoe Chiang Road and Lim Teck Kim Road in the Downtown Core will be relaunched for a collective sale through tender on May 17. PropNex Realty, the marketing agent, mentioned in a press release that the site has a reserve price of $216 million, unchanged from the previous tender which was launched on January 19 and closed on March 22 without any bidders.
The two rows of commercial buildings, along with the piece of remnant land between them, add up to an estimated land area of 18,540 square feet. The plot is zoned for commercial use, has a 999-year tenure, and has a gross plot ratio of 5.6.
The reserve price translates to an estimated land rate of $2,610 psf per plot ratio for an office development, including a land betterment charge (LBC) of $55 million. Buyers also have the option to redevelop the site as a hotel development. In that case, the land rate will be $2,671 psf ppr, inclusive of the estimated LBC of $61.3 million.
According to Tracy Goh, the Head of Investment and Collective Sales at PropNex, the prime office market remains resilient in spite of cooling measures. This, coupled with the fact that the site is not subject to additional buyer’s stamp duty (ABSD), is expected to draw buyers’ attention.
She further added that there are no other 999-year tenure commercial sites for sale in the CBD. In addition, the proximity to Tanjong Pagar MRT and two other upcoming stations on the Circle Line, coupled with the lack of restrictions limiting strata subdivision of commercial property, will offer more flexibility to the buyer to redevelop the plot into a strata-titled office building.
This, in turn, is expected to increase the demand and prices of strata-titled office units in the city centre.
The tender for the site will close on May 31 at 2pm. Those interested in the plot can look forward to a good opportunity to invest in a commercial site located in a prime location.
