Manhattan House, an industrial site located along Chin Swee Road, next to Pearl’s Hill City Park, is now available to tender. According to a January 10 press release issued by the marketing agent JLL the group sale site has a reserve value that is $280 million. Manhattan House’s owners Manhattan House had previously made an attempt to buy the site in September of 2019 and the property was placed on the market with a price of $350 million.
Grand Dunman Condo Dunman Road is situated in one of the attractive neighbourhoods in Singapore.
99-year leasehold property is a commercial block which was constructed in 1976. There were 269 units. It’s situated on an area of 4,167.7 sqm (44,860 sq feet) site zoned for commercial usage with a plot-to-plot proportion of 4.7.
According to JLL According to JLL, the site could be rezoned to “residential with commercial on the top of the storey” according to recent guidance from URA. The redevelopment could permit a 30 storey residential tower, with the maximum gross floor space of 21,000 square metres (226,042 sq feet).
Reserve price $280 million equates to a land cost of $1,715 psf for each plot ratio, based upon the net plot ratio of 5.03875 after taking into account the lease top-up fee as well as a land betterment fee.
Tan Hong Boon, executive director Tan Hong Boon, executive director at JLL Tan Hong Boon, executive director of JLL, says that the location of the property on the outskirts of the CBD makes it easy to proximity to the most important areas. “It is within the historical zone of Chinatown and the modern CBD located at Raffles Place, and the Marina Bay lifestyle and entertainment areas of Robertson Quay and Clarke Quay and the historic and stylish Tiong Bahru enclave around the corner,” he says.
Manhattan House is within a 6 to 10 minute stroll to it’s Chinatown or Outram Park MRT Interchange Stations. It is also within walking distance of schools like River Valley Elementary School located just 1km from the site. The other schools that are within two kilometers of this site are CHIJ (Kellock), St Margaret’s School (Primary), Alexandra Primary School, Cantonment Primary School, and Zhangde Primary School.
“The Singapore General Hospital Campus will also give future residents access to cutting-edge medical services near to their residences,” Tan adds.
The bid to purchase Manhattan House will close on March 8 at 3pm.