Euro-Asia Centre in CBD up for sale
Euro-Asia Centre, located at the crossroads of Hoe Chiang Road, Lim Teck Kim Road and Cantonment Road, has been put up for sale by tender. The mortgagee property is expected to fetch between $125 million and $135 million, or $650 to $700 per sq foot of net lettable area estimated at 193,000 sq ft.
Euro-Asia Centre was once a jewel in property and shipping magnate P L Kua’s portfolio. Mr Kua was particularly active in the property market in the 1990s. He is currently chairman of Thai-listed container feeder operator Regional Container Line.
Marketing agent Colliers International says the tender for the 29-storey commercial building will close at 3 pm on March 22.
The freehold development sits on a land area of 49,442 sq ft (4,593.4 sq m) and has a gross floor area of 244,233 sq ft (22,690 sq m). It comprises a 16-storey block completed in 1983, and another 12 floors from the 18th storey onwards completed in 2004.
A Colliers statement yesterday said the site is designated for commercial development in the 2003 Master Plan, with an allowable gross plot ratio of 5.6. The permissible building height is up to 35 storeys.
Potential buyers can, however, choose to build a residential project in its place. Outline planning permission has been obtained for the property to be redeveloped into a 35-storey residential building with commercial use on the ground level at a plot ratio of 5.6.
Colliers’ director for investment sales, Ho Eng Joo, says Euro-Asia Centre offers potential investors an opportunity to acquire a freehold office building in the Central Business District with potential growth in capital value and rental income.
The development is within several minutes’ walk to the Tanjong Pagar MRT station. The area is predominantly commercial and is next to the financial and shipping districts. Amenities available in the vicinity include banks, food centres, hotels and government offices.
Source : Business Times - 14 Feb 2006
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