Manhattan House, a commercial site next to Pearl’s Hill City Park, launched for tender
Potential for a 30-storey residential development with commercial at the first storey
SINGAPORE, 10 January 2023 – Manhattan House, a collective sale site along Chin Swee Road, has just been launched for sale by tender by sole marketing agent JLL.
Completed in 1976, the 99-year leasehold Manhattan House comprises 269 units in a single 16-storey commercial block prominently located along Chin Swee Road and next to the Pearl’s Hill City Park. Under the 2019 Master Plan, the 4167.7 sq m site is zoned ‘Commercial’ with a gross plot ratio of 4.7. However, based on the recent Advice from the Urban Redevelopment Authority (“URA”), the site may be rezoned to ‘Residential with Commercial at the first storey’ with a substantial portion of the site allowed for a residential tower of up to 30 storeys. According to the URA, a 30-storey development with a maximum gross floor area of 21,000 sq m may be developed on the site.
Due to its location on the fringe of the central business district within a short three to five minutes’ drive to Raffles Place, Marina Bay and a host of amenities, the site appeals to both residents and businesses alike. The site is a six-to-ten minutes’ walk to two major MRT Interchanges – Chinatown and Outram Park, both of which are well connected to the rest of the island. For families with young children, the River Valley Primary School is within 1 km from the site. Other popular schools within 2 km of the site include CHIJ (Kellock), St Margaret’s School (Primary), Alexandra Primary School, Cantonment Primary School and Zhangde Primary School.
“Manhattan House is centrally located and easily accessible to the old and the new charms around the vicinity. It is close to the heritage area of Chinatown, the modern CBD at Raffles Place and the Marina Bay lifestyle and entertainment areas of Robertson Quay and Clarke Quay, and not to mention the historic and chic Tiong Bahru enclave around the corner,” says Mr. Tan Hong Boon, Executive Director at JLL.
“The proximity to SGH Campus will also provide future residents with access to state-of-the-art medical services within close proximity to their homes,” he added.
With easy accessibility to two major expressways, the CTE and the AYE, the city fringe site which is located just outside the ERP zone enjoys the all-round convenience to anywhere on the island.
At the reserve price of $280 million, the corresponding unit land rate reflects at about $1,715 per sq ft per plot ratio (psf/pr) at base GPR 5.03875 after factoring in the lease top-up premium and a land betterment charge.
The tender for Manhattan House closes on Thursday, 8 March 2023 at 3.00 p.m.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.