The Spice Group plans to develop the site of 14,369 sq ft into a hotel. (Photo: Kushman Wakefield)
Waterloo Apartments, a 30-unit residential development on 64 Waterloo Street in the Basah / Bogis region, was sold to a $ 131.1 million block of a wholly-owned subsidiary of Fragrance Group. Business Times.
It plans to redevelop a 14,369 sq ft site into a hotel.
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This comes as the Planning Approval Outline (OPP) has been secured to change the 999 years of property lease of space from "Residential with First Floor Commercial" with a 2.8 plot ratio for hotel use with a 4.2 plot ratio or a maximum gross floor area of around 60,348 sq. Ft. Cushman & Wakefield Marketing indicates that no development fee is payable considering the site's high development base.
The sale, however, is subject to approval by the Board of Layers.
"We decided to change the course of the collective sale, and instead of selling Waterloo apartments as a residential site, we chose to submit an option and wait for the hotel's approval given that the neighborhood block market falls from July's 6-step cooling," said Cushman & Wakefield Capital Market Manager Christina Sim.
"We were also fortunate that the site is well placed within an area where the Urban Development Authority wants to see improved into a kaleidoscope of delightful and memorable places."
Waterloo Apartments is located a short distance from Bras Basah Underground Station, on the Line line and Bencoolen subway station, on the Downtown line, only one stop from the Dubi Gao interchange Dhoby Ghaut Interchange).
"This offer gives a successful developer an opportunity to capitalize on the rich heritage of our city by building an exclusive boutique hotel suitable for the Civic District," Sim said.
Development owners are expected to receive gross revenues of $ 4.37 million per unit.
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Romesh Navaratnarajah, senior editor at PropertyGuru, edited this story. To contact this or that story, please email [email protected]