DEVELOPER SETS OFF SALE OF COMMERCIAL SITE
- Singapore Property News
- May 22nd, 2010
one-north strategy seen attracting bids of $320-350 psf ppr
A DEVELOPER has condemned a flamboyant to a super advertizement place at North Buona Vista Drive and is primed to clear at small $320 meg for it.
The 99-year leasehold apportionment is settled within one-north, a investigate edifice for the biomedical, infocommunication and media industries. It is nearby Buona Vista MRT station, Biopolis and the Ministry of Education.
The place spans 1.8 hectares and has a peak permissible large story Atlantic (GFA) of 1.2 meg sq ft. Of this, whatever 1.18 meg sq ft crapper go towards advertizement uses, patch the residual crapper be overturned into retail space.
The causing toll of $320 meg entireness discover to around $266 per sq ft per strategy ratio (psf ppr). JTC Corporation module place the place up for protective later.
Cushman & Wakefield managing administrator Donald dynasty expects to wager inferior than fivesome bids for the site, with the maximal substance reaching in at $320-350 psf ppr.
The apportionment is a ‘very bounteous listing item’ settled on the outskirts of town, so wondering players are implausible to verify conception in the tender, he said.
The developer which triggered the understanding of the place could be antiquity a concept for its possess occupation, or a build-to-suit artefact for a tenant, he suggested.
DTZ nous of South-east aggregation investigate Chua Chor Hoon additional that with the advertizement mart display signs of bottoming, ‘there is crescendo welfare to acquire or amend duty buildings before the mart rebounds.’
The polity prefabricated the place acquirable for understanding on the Reserve List in Apr 2008. JTC noted that it crapper alter a high-rise building, providing duty expanse for companies activity investigate institutes at one-north.
Consultants state that the plot’s positioning is evenhandedly attractive. It is not likewise farther from the municipality and module substance cheaper expanse for firms which do not requirement to be in the bicentric playing regularise (CBD), said Ms Chua.
According to Mr Han, monthly duty rents in the Buona Vista Atlantic are around $3.50-$4.20 psf. In contrast, there are reports of asking rents at newborn Grade A buildings in the CBD feat up to $9 psf.
Buona Vista is also motion into an engrossing work-live-play area, he said. metropolis Park provides recreation options, and there are also assist apartments nearby.
Source: Business Times, 21 May 2010
