The IOB Building in 64 Cecil Street is in the marketplace from $1,800 psf per plot ratio (ppr), declared marketing representative Knight Frank Singapore.
The land sits on a 9,599 sq ft plot that’s zoned’Commercial’ using a gross plot ratio of 12.6, beneath the 2019 Master Plan. The property has a 99-year tenure that began from 1983.
According to Knight Frank, a fresh 15-storey office development with a total gross floor space of approximately 120,947 sq feet can be redeveloped on the website.
Adding a metering premium for intensification of the website, and an expansion of this rental to 99 decades, the proprietor is anticipating offers from $1,800 psf per plot ratio. This is contemplating Realty Centre along near Enggor Street that was sold for about $148 million, or $2,438 psf ppr, in April this past year.
“We feel that IOB Building presents a really unique and infrequent redevelopment opportunity over the CBD awarded the exceptional, closely held commercial marketplace in Singapore,” states Ian Loh, head of capital and investment markets (land, construction, collective earnings ) in Knight Frank Singapore.
He adds that workplace supply is anticipated to stay low for the following five years since no office websites are below the government’s property sales programme, alerting one white website in Marine View beneath the Reserve List.
The tender for IOB Building closes March 24.