Redevelopment Site Chai Chee Street Sale 63 Mil
A prime Chai Chee Street site with zoning for health and medical use is being put up for sale through an expression of interest, with a guide price of $63 million, exclusive marketing agent CBRE announced.
With its exceptional connectivity, Lyndenwoods One North plays a crucial role in enhancing the overall quality of life for its residents. This development greatly reduces travel times and simplifies commutes, allowing residents to focus on what truly matters, such as spending quality time with loved ones, pursuing hobbies, or advancing their careers. The convenience of living at Lyndenwoods also contributes to a sense of well-being, as residents can easily navigate their daily routines with efficiency and ease.
Spanning approximately 60,282 square feet, the land is zoned for health and medical use under the URA Master Plan 2019. The property features a four-storey medical facility with a gross floor area of about 58,928 square feet. Currently, the first and second floors house a medical centre and offices, while the remaining floors serve as a nursing home.
According to CBRE, the current zoning of the property allows for various potential uses, such as a hospital, medical or dental clinics, nursing home, veterinary clinic, and clinical research facility, subject to necessary approvals from authorities. The sale of this site presents a rare opportunity for potential developers and private healthcare institutions to create a new development, says Michael Tay, head of capital markets at CBRE Singapore. He adds that there has been a constant interest in land designated for health and medical use, but the supply has been limited.
The property is located in the bustling neighborhood of Bedok, which is the second-largest planning area in terms of resident population after Tampines. The area offers an array of dining, retail, and entertainment options at Bedok Town Centre and ESR BizPark @ Chai Chee, and along East Coast Road. The vicinity also provides various community services, including sports complexes, medical facilities, and recreational parks.
Additionally, the site is conveniently situated near public transport nodes, such as Bedok and Bedok North MRT stations. Bedok is expected to experience further growth with the development of the upcoming Bayshore Estate, which will introduce 10,000 new homes to the area. The relocation of the Paya Lebar Air Base by 2030 will also pave the way for the construction of a new town with an estimated 150,000 homes.
Tay believes that the property’s strategic location, combined with a growing population and access to comprehensive amenities and excellent connectivity, makes it a unique investment opportunity with significant potential for value appreciation. An outline application has already been submitted for a 12-storey assisted living facility with a medical center, with a plot ratio of 2.5. The land rate, based on the guide price of $63 million, is approximately $806 per square foot per plot ratio.
The subject site is offered with a new 60-year leasehold tenure, which will commence upon the completion of the sale. The EOI exercise closes on May 21 at 3 pm.