Hong Leong Garden Shopping Centre at West Coast Way has been launched for en bloc sale with an indicative price of between S$160 million and S$170 million (S$752 psf ppr to S$794 psf ppr).
Credo Real Estate, which is marketing the property, said the site is located next to the Hundred Trees condominium and has a total area of 150,816 sq ft. It comprises 66 shops and 72 apartment units built in the 1980s by the Hong Leong Group.
“The appeal of the subject site lies in the flexibility of the commercial and residential mix in the new development,” said Tan Hong Boon, Credo’s Deputy Managing Director.
“Depending on the creativity of the developer and subject to approval from the authorities, the site may be transformed into a condominium development with a trendy self-contained hub that offers an array of amenities and dining options to the residents in the development as well as to the resident catchment in the neighbouring housing estates.”
The 956-year leasehold, 138-unit property is zoned for “Residential with Commercial at 1st Storey” under the 2008 Master Plan. It has an allowable height of up to 12 storeys and a gross plot ratio of 1.6. Credo said that the Singapore Land Authority (SLA) has also granted approval to enlarge the site area by combining the adjoining state land parcel of nearly 13,482 sq ft.
This means that the property can be enlarged to 164,298 sq ft, with a total gross floor area (GFA) of approximately 262,877 sq ft.
Given its potential for a unique mixed-used development project and the scale of the investment, Tan noted that the property should attract interest from medium- to large-scale developers.
Credo said the tender for the site will close on 19 September 2011.
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