A redevelopment site zoned for health and medical care use on Chai Chee Street has been put up for sale via an expression of interest (EOI) with an indicative price of $63 million, according to exclusive marketing agent CBRE.
The site sits on a land area of approximately 60,282 sq ft and is zoned for health and medical care use under the URA Master Plan 2019. The property comprises a four-storey medical facility with a gross floor area (GFA) of around 58,928 sq ft. Currently, its first and second floors house a medical centre and offices, while the remaining floors are used as a nursing home.
According to CBRE, the property’s current zoning allows several potential uses, such as a hospital, medical or dental clinics, nursing home, veterinary clinic, and clinical research facility, subject to the relevant authorities’ approvals.
The property offers potential developers and private healthcare institutions a rare opportunity to curate a brand-new development, says Michael Tay, head of capital markets at CBRE Singapore. “Developers and medical service providers have constantly shown interest in land designated for health and medical use but unfortunately found supply to be limited.”
Located in the heart of Bedok, the property is situated in the second largest planning area in terms of resident population after the nearby Tampines, says CBRE. Nearby amenities include a variety of dining, retail, and entertainment options at Bedok Town Centre and ESR BizPark @ Chai Chee, and along East Coast Road.
Community services are also available within the vicinity, such as sports complexes, medical facilities, and recreational parks.
The site is close to public transport nodes, including Bedok and Bedok North MRT stations.
Bedok is poised for further growth, adds CBRE. The development of the upcoming Bayshore Estate is expected to introduce another 10,000 new homes within the neighbourhood. Paya Lebar Air Base, which is a 15-minute drive from the property, is also set to move out in 2030. This will make way for the development of a sizeable new town, accommodating another 150,000 new homes.
Tay notes: “Its strategic location, combined with a strong and growing resident base, access to comprehensive amenities and excellent connectivity, creates a compelling investment opportunity with significant potential for value appreciation.”
An outline application has since been submitted for a 12-storey assisted living facility with medical centre at plot ratio of 2.5. Subject to planning approval, the land rate based on the guide price of $63 million will work out to approximately $806 psf per plot ratio (ppr).
The subject site is set to be sold with a new 60-year leasehold tenure that starts from the date of completion of the sale.
The EOI exercise is expected to close on May 21 at 3pm.
