The CPF Building in Robinson Road is up for sale and is expected to fetch around $450 million.
Completed in the 1970s, CPF Board initiated the sale of the building after it contracted a long-term lease agreement to rent space at Novena Square Towers A and B for its operations.
The tower with a frontage of 120m is located at the junction of Robinson and Maxwell Road. It enjoys unobstructed sea views and has a site area of about 47,056 sq ft, with net lettable area of about 324,000 sq ft.
The corner site is zoned commercial. It has a plot ratio of 12.88, inclusive of the bonus for land size and proximity to an MRT station. The height restriction is 50 storeys. This would mean a potential gross floor area (GFA) of over 600,000 sq ft, or over 24% more than the existing GFA.
The differential premium to maximise the GFA is about $75.5 million. The building's tenure is 99 years from 1968.
The immediate vicinity of Tanjong Pagar MRT station is currently undergoing rejuvenation. A good mix of new commercial, hotel and residential developments is being built.
A direct link from CPF Building to Tanjong Pagar MRT station is being envisaged by Urban Redevelopment Authority.
The area will continue to evolve. Imminent development of the Southern Waterfront City will commence when the container port is relocated.
Strong participation from local players and foreign developers are expected as the CPF Building is a rare opportunity to create a landmark development in an otherwise tightly held asset class.
The Urban Redevelopment Authority is also envisaging a direct link from CPF Building to Tanjong Pagar MRT station, which would enhance the building's connectivity.
The area will continue to evolve with the imminent development of the Southern Waterfront City when the container port is relocated.
Strong participation is expected from local players and foreign developers, as the CPF Building is a rare opportunity to create a landmark development in an otherwise tightly held asset class.
Source: Straits Times