http://www.businesstimes.com.sg/prem...-sale-20130221

Published February 21, 2013

San Centre put up for collective sale

By nathaniel chew


SAN Centre, a 12-storey office building on Chin Swee Road, has been put up for collective sale by tender by Jones Lang LaSalle (JLL).

Standing on 28,719 sq ft of land, the building comprises 107 strata-titled office units and 80 carpark lots. It has a total gross floor area of 131,895 sq ft, resulting in a plot ratio of 4.59.

Offers are expected to come in at between $115 million and $125 million, or between $872 and $948 per sq ft.

The planning authorities are prepared to support the redevelopment of the site into a 20-storey hotel development or a mixed residential and commercial development, with at least 60 per cent of the space allocated for commercial use.

Flanked by the Central Business District (CBD), Chinatown and Robertson Quay, San Centre occupies a commercially strategic location, opening the site to a wide range of redevelopment options.

Karamjit Singh, the head of Investments & Residential at JLL, said: "A hotel redevelopment would cater to business travellers and tourists; a serviced apartment, if approved by the planning authorities, could serve expatriates and medical tourists who require a longer stay while visiting the nearby Singapore General Hospital.

"It is also a viable option to retain its existing use as an office building, as its proximity to the Subordinate Courts could appeal to small- and medium-sized law firms as potential buyers or tenants. It would also be suitable for companies looking to move out of industrial premises to set up corporate offices at the fringe of the CBD."

San Centre is near both the Chinatown and Outram Park MRT stations, facilitating access to other parts of the island. Commuters will also benefit from its proximity to the upcoming Thomson Line.

The sale of San Centre follows the debut of some commercial developments in Chinatown, such as the new Parkroyal on Pickering hotel and the refurbished Chinatown Point.

Mr Singh said the property cooling measures on residential properties and demand for strata-titled retail and office units could result in more collective sales of buildings such as San Centre.

The tender for San Centre closes at 2.30pm on March 25.