Published April 18, 2007

SingPower selling Halifax Rd site

SINGAPORE Power has put up a 33,915 square foot residential redevelopment site on Halifax Road for sale, and market sources estimate that it will cost between $3 million and $5 million. The only catch is that it has a 30-year lease with 18 years remaining.

The site, which is near Kampong Java Park, is zoned 'park' and has a gross plot ratio of 0.7 with a building height subject to evaluation.

Used previously as a district office, there are currently two two-storey buildings comprising a main building and an annexe building completed around the 1950s and 1980s respectively.

Jones Lang LaSalle (JLL), which is handling the sale by expressions of interest, said that interested parties are invited to submit their bids and proposals for use which would be subject to the approval of the relevant government authorities.

JLL regional director and head of investments Lui Seng Fatt added: 'The demand for land on short lease tenures has been very strong in this current market.'

He also pointed out that the current plot ratio of 0.35 has potential for redevelopment. Some uses could include a child care centre, he said.