Realty Centre, a Tanjong Pagar office building, was sold for $148 million in the first commercial collective sale of 2019, however the amount falls short of the reserve price. Cushman & Wakefield, the marketing firm, had put the freehold 12-story building up for enbloc sale in January with a reserve price of $165 million.
The buyer is The Place Holdings, a Singapore-listed company that plans to convert the property into a mixed-use residential and commercial tower, subject to regulatory permissions. According to SGX filings on Monday night, the facility will also function as the company’s headquarters.
Realty Centre sits under the Anson precinct, according to Cushman & Wakefield, which was recently declared as part of the CBD Incentive Scheme. This indicates that if the property’s use is changed to residential and commercial (+25%) or residential with business on the first story (+30%), bonus plot ratios of between 25% and 30% are expected.
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