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Singapore freehold project hits en bloc market with S$220M reserve price

The Olina Lodge freehold project in Singapore's prime District 10 has been placed on the en bloc market for the third time with an asking price of S$220 million, The (Singapore) Business Times reported.

According to the report, there is no development charge payable if the 7,830.7-square-meter freehold site will be redeveloped with an up to 1.6 gross plot ratio because of a high development baseline. A 12-story, 128-unit project can be constructed on the land plot, subject to the government's approval.

The publication noted the commercial zoned land plot, where the Verdun House mixed-use development sits, is also on offer for a collective sale, with a S$60 million asking price. A new commercial development for 50 units in a roughly 30,728-square-foot gross floor area can be accommodated on the 7,316-square-foot site.

The tenders for the Verdun House and the Olina Lodge will close April 18 and April 19, respectively, according to the March 21 report.

The Business Times also reported March 22 that commercial properties in Singapore are jumping in on the en bloc sale of properties, despite a lower success rate than that of residential estates.

One of the properties placed on the market is the Singapore Shopping Center at Clemenceau Avenue, which has a reserve price expectation of about S$250 million, according to the property's marketing agent Cushman & Wakefield. The mixed-use building sits on a 2,449.8-square-meter land plot zoned for commercial use.

Meanwhile, the indicative price for the Realty Centre, located on a 1,021.9-square-meter land parcel in Tanjong Pagar, has yet to be set.

Other commercial assets that are up for en bloc sale are the Goldhill Centre and the Katong Shopping Centre, with respective reserve prices of S$425 million and S$580 million, as well as the People's Park Centre, People's Park Complex, Golden Mile Tower, Golden Mile Complex, Golden Wall Centre, Tanglin Shopping Centre and Sim Lim Square, according to the report.

As of March 21, US$1 was equivalent to S$1.32.