Waterloo Apartments (Credit: Cushman & Wakefield)
Waterloo Apartments, located within the Bras Basah and Bugis arts precinct, is up for collective sale at $115 million ($1,906 psf per plot ratio).
The 999-year leasehold land is the first collective sale site that has been launched this year with permission to be redeveloped into a hotel. It sits on 14,369 sq ft of land, zoned “residential with 1st storey commercial”, with a plot ratio of 2.8, based on URA’s 2014 Master Plan. The site has a gross floor area (GFA) of 49,416 sq ft, at a plot ratio of 3.44.
Developers can potentially build 180 hotel rooms with an average size of 215 sq ft, subject to planning approval, says Cushman & Wakefield, which is marketing the property. These would be built at a plot ratio of 4.2, at a maximum GFA of 60,348 sq ft. There will be no development charge payable as the site has a high development baseline.
Waterloo Apartments comprises 30 units. It has easy access to three train stations: Bras Basah MRT Station and Bencoolen MRT Station are within a four-minute walk away, while Bugis MRT Station is nine minutes away by foot.
The collective sale has attained the 80% consensus level from owners required to kickstart the process.
The tender for Waterloo Apartments will close on Oct 23 at 3pm.
Related Articles From EdgeProp.sg
Residential/Institution redevelopment site with 100% consensus in Geylang up for collective sale
Cairnhill Astoria relaunched for collective sale at $196 mil
Grange Heights in St. Thomas Walk to be put up for collective sale at $820 mil
This week in property: Highlights from Sept 3 to Sept 7