{"id":88823,"date":"2018-05-21T08:00:17","date_gmt":"2018-05-21T01:00:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinatown-plaza-sold-en-bloc-for-260-million\/"},"modified":"2018-05-21T11:04:40","modified_gmt":"2018-05-21T04:04:40","slug":"chinatown-plaza-sold-en-bloc-for-260-million","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinatown-plaza-sold-en-bloc-for-260-million\/","title":{"rendered":"Chinatown Plaza sold en bloc for $260 million"},"content":{"rendered":"


\nThe purchase price is lower than the $270 million asking price, and works out to a land rate of $1,915 psf per plot ratio. (Photo: ET&Co)
\nChinatown Plaza along Craig Road in District 2 has been sold for $260 million to a property unit affiliated with Singapore-based Royal Golden Eagle, revealed marketing agent Edmund Tie & Company (ET&Co) on Friday (18 May).
\nThe company is a resource-based manufacturing group with global operations and assets exceeding $24 billion.
\nMore: Chinatown Plaza Joins En Bloc Frenzy, Owners Asking For $270m
\nThe purchase price is lower than the $270 million asking price, and works out to a land rate of $1,915 psf per plot ratio.
\nThe apartment and shop owners could walk away with gross sale proceeds of $3.44 million to $4.79 million and $1.64 million to $10.62 million per unit respectively.
\nCompleted in 1984, the freehold property sits on a 33,953 sq ft site zoned for commercial and residential use under the 2014 Master Plan. It can be redeveloped up to its existing gross floor area of about 135,742 sq ft, exceeding the permissible plot ratio of 3.5.
\n\u201cOutline planning permission for serviced apartment with commercial use has also been granted by the Urban Redevelopment Authority,\u201d noted ET&Co.
\nEnjoying dual road frontage at the junction of Neil Road and Craig Road, Chinatown Plaza is close to three MRT stations (Tanjong Pagar, Outram Park and Maxwell).
\n\u201cSuch freehold mixed-use sites within the city are rarely available. Given its city centre location in a popular and vibrant enclave within proximity to MRT stations, the property is perfectly situated for use as serviced apartment. This development option will allow the purchaser to hold the invaluable freehold property for long-term investment,\u201d said Swee Shou Fern, senior director of investment advisory at ET&Co.
\nLearn more about the Chinatown\/Tanjong Pagar area and search for properties to buy or rent.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Chinatown Plaza sold en bloc for 0 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The purchase price is lower than the $270 million asking price, and works out to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-88823","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-n6D","jetpack-related-posts":[{"id":78645,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinatown-plaza-joins-en-bloc-frenzy-owners-asking-for-270m\/","url_meta":{"origin":88823,"position":0},"title":"Chinatown Plaza joins en bloc frenzy, owners asking for $270m","date":"February 1, 2018","format":false,"excerpt":"\r The freehold site near Keong Saik Street is intended for residential and commercial development. (Photo: Edmund Tie & Co) The owners of Chinatown Plaza near the Central Business District launched the mixed-use project for collective sale for $270 million on Wednesday (31 January), reported the Business Times. According to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":89093,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/landmark-tower-near-chinatown-sold-for-286m\/","url_meta":{"origin":88823,"position":1},"title":"Landmark Tower near Chinatown sold for $286m","date":"May 23, 2018","format":false,"excerpt":"\r The purchase price works out to a land rate of about $1,406 psf per plot ratio. (Photo: JLL)\u00a0 Landmark Tower, a 139-unit development at Chin Swee Road in District 3, has been sold for $286 million to a joint-venture company, one of which is a public-listed company, marketing agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69988,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-spreads-to-commercial-properties\/","url_meta":{"origin":88823,"position":2},"title":"En bloc fever spreads to commercial properties","date":"October 25, 2017","format":false,"excerpt":"\r View of Singapore skyline. (Photo: Wikimedia Commons) More commercial and mixed-use projects are joining the en bloc sales frenzy after a number of residential developments have successfully changed hands, reported the Business Times. For instance, three integrated developments have been launched for collective sale. Owners of the freehold Tai\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104889,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/selegie-centre-sold-en-bloc-for-120m\/","url_meta":{"origin":88823,"position":3},"title":"Selegie Centre sold en bloc for $120m","date":"March 11, 2019","format":false,"excerpt":"\r Katong Plaza, another mixed-use development, has been relaunched for en bloc sale at an asking price of $188 million ($1,968 psf ppr). Mixed-use development Selegie Centre has finally been sold at its $120 million reserve price, or $1,942 psf per plot ratio (psf ppr), following two failed en bloc\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78745,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vicenta-lodge-to-go-en-bloc-for-33-6m\/","url_meta":{"origin":88823,"position":4},"title":"Vicenta Lodge to go en bloc for $33.6m","date":"February 2, 2018","format":false,"excerpt":"\r Built in 1993, the freehold site is located near Kembangan MRT station. (Photo: Century 21) Vicenta Lodge, a freehold residential development in Lorong Marzuki, will be put up for en bloc sale tomorrow (3 February) with a guide price of $33.6 million. This works out to a land rate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102740,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flynn-park-choon-kim-house-lower-prices-for-another-en-bloc-attempt\/","url_meta":{"origin":88823,"position":5},"title":"Flynn Park, Choon Kim House lower prices for another en bloc attempt","date":"January 7, 2019","format":false,"excerpt":"\r Most of the owners at Flynn Park off Pasir Panjang Road have agreed to a lower asking price. (Photo: JLL) Two freehold developments \u2013 Flynn Park and Choon Kim House \u2013 have relaunched their en bloc sale tenders at lower reserve prices, revealed marketing agent JLL on Friday (4\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/88823"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=88823"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/88823\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=88823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=88823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=88823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}