A developer from mainland China is likely to have triggered the plum Central Boulevard site from the government’s reserve list. The applicant has undertaken to bid at least S$1.536 billion – which works out to S$1,010 per square foot per plot ratio (psf ppr) for the white site – which has to be developed into a predominantly office project.
The project will be directly and seamlessly connected to the adjacent Downtown MRT Station in addition to being linked to Raffles Place Interchange MRT station and the future Shenton Way MRT station (Thomson-East Coast Line), providing all-weather connections to the public transport nodes.
The 1.1-hectare white site is next to Asia Square Tower 1, which was sold recently for S$3.38 billion. That deal has raised Singapore’s profile again as a property investment destination to big international investors. The site boasts prominent frontages along both Central Boulevard, one of the two main roads within the area connecting to the Central Business District (CBD), and Raffles Quay. The 99-year leasehold site can be built up to 50 storeys, with a maximum gross floor area (GFA) of 141,294 sq m (1.52 million sq ft), of which at least 100,000 sq m or 70.77 per cent must be put to office use. In addition, up to 5,000 sq m GFA can be set aside for retail use.