Realty Centre up for en bloc at Reserve Price of $165 million

SINGAPORE (EDGEPROP) – Realty Centre a commercial property located at 15 Enggor Street has been put up for collective sale with a reserve price of $165 million.

Realty Centre is a freehold site, which has a land area of 1,021.9 square metres or approximately 11,000 sq feet and is zoned for commercial use under the Urban Redevelopment Authority’s 2014 Master Plan.

Cushman & Wakefield, the sole marketing agent for the commercial en bloc effort said the site has an allowable gross plot ratio of 5.6 times and a maximum storey height of 35 storeys. The site which is within the Central Business District can yield approximately 321,797 sq ft of gross floor area when redeveloped. In addition, the plot has a verified gross floor area of 5,514.24 sqm or approximately 59,355 sq ft, equivalent to a plot ratio of about 5.4 times.

Realty Centre

Image credit: Cushman & Wakefield

Realty Centre is primarily used for Commercial/Office rental and sale and is close to Tanjong Pagar MRT station and Outram Park MRT station. It is also within 5 minutes walk away from the upcoming Prince Edward MRT Station on the Circle Line, which is due to be completed by 2025. It is near to several bus stops located at Anson Road, Apex Towers, Tanjong Pagar Road, The Amara, Tanjong Pagar Road, Opp IBM Towers and Tanjong Pagar Road, Tanjong Pagar Plaza.

Realty Centre is near to several eateries located at nearby buildings such as Tanjong Pagar Complex, Springleaf Tower, Tanjong Pagar Plaza and Icon Village.

Realty Centre which is accessible via Enggor Street and Bernam Street is within reasonable distance to Shop N Save, Cold Storage and Sheng Siong Supermarkets. It is also close to Amara Shopping Centre, Icon Village, Tanjong Pagar Plaza, International Plaza, Pearls Centre, Chinatown Complex, China Square Central and People’s Park Complex for an array of amenities such as grocery and retail shopping, banks and more.

Based on the reserve price, the land rate for the site will come up to approximately S$2,714 per sq ft per plot ratio, inclusive of an estimated development charge amount of around S$2.2 million.

Said Christina Sim, director of capital markets at Cushman & Wakefield: “This offering gives the potential developer a compelling opportunity to have a presence in our Central Business District. Further, the site is also within the Tanjong Pagar Master Plan, a location slated for a massive transformation.

“With the planned relocation of Singapore’s container ports to Tuas which will free up some 1,000 hectares of prime waterfront land, collectively known as the ‘Greater Southern Waterfront’, Tanjong Pagar will be a colourful masterpiece showcasing the old and the new, the best of Singapore.”

The tender for Realty Centre will close on Feb 21 at 3 pm.

With the winding down of the success of residential en bloc sales, commercial properties are trying to join in the bandwagon. Many commercial en bloc sale attempts fail because the asking prices are often too high. Two critical factors affecting the success of commercial sites going en bloc are pricing and location. Older commercial buildings especially may see a need to catch the current wave as an exit strategy as their rental yields come under pressure due to competition from newer commercial buildings.

The biggest gainers following the new property cooling measures are likely owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and are predicted to achieve its intended objectives of cooling demand and moderating price growth.

One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.

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