Enbloc News: Hong Leong Garden Shopping Centre

Hong Leong Garden Shopping Centre at West Coast Way has been launched for sale by tender with an indicative price of between $160 million and $170 million.

This works out to be a land rate of approximately $752 to $794psf ppr for redevelopment up to a gross plot ratio of 1.6, after factoring in the estimated land premium for the potential of acquiring the adjoining state land parcel and a development charge.

Marketed by Credo Real Estate, Hong Leong Garden currently comprises 72 apartments and 66 shop units. The site has an area of more than 150,000sqft with a lease term of 956 years.

Credo said that the Singapore Land Authority (SLA) has also granted an approval to enlarge the site area by combining the adjoining state land parcel of nearly 13,500sqft.

Under its 2008 Master Plan, the site is zoned "Residential with commercial at 1st Storey" with a gross plot ratio of 1.6 and an allowable height of up to 12 storeys.

Deputy Managing Director at Credo Real Estate, Tan Hong Boon, said the site may be transformed into a condominium development with a self-contained hub that offers dining options and amenities to residents in the development and neighbouring housing estates.

Source: Channel News Asia

Brave move indeed, considering the current market circumstances. Be interesting to see if there's any takers when the tender closes, although there was no mention of the tender dateline...

Update (The Business Times 23/08):
The tender closes at 2.30pm on Sept 19.

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