United House, a freehold commercial building on Kramat Lane in the Orchard Road area, has been relaunched for collective sale with an unchanged reserve price of $166 million, according to exclusive marketing agent ETC.
The property was first launched for sale last October, with the tender closing on Nov 14, 2024.
United House is situated on a rectangular freehold plot of approximately 12,383.1 sqm. The site is zoned for commercial use with a plot ratio of 4.9 and a building height of up to 10 storeys.
According to ETC, the property has since obtained in-principle approval from URA for hotel use with the same gross plot ratio of 4.9.
The agency adds that successful buyers will have the flexibility to consider strata subdivision of the new development, given that United House sits outside of the areas where new strata subdivision of commercial space is restricted.
“With the added option of strata subdivision, an astute investor can maximise the gross floor area and explore a strata sale of the new development. Alternatively, they can retain the invaluable freehold asset for capital appreciation, use it as a corporate office, or redevelop it into a hotel, office or commercial space,” says Swee Shou Fern, head of investment advisory at ETC.
With a reserved price of $166 million, this translates to a land rate of $3,025 psf per plot ratio (ppr) for commercial development. For hotel redevelopment, the land rate stands at $3,318 psf ppr.
As a commercial property, United House will be exempt from Additional Buyer’s Stamp Duty (ABSD) with no restrictions on foreign ownership.
The site is situated within walking distance of Dhoby Ghaut MRT Interchange and Somerset MRT station and boasts accessibility to various lifestyle options and amenities.
The tender for United House will close on April 9 at 3pm.
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