United House Relaunched Third Collective Sales Attempt 166 Mil
ETC, the exclusive marketing agent for United House, has launched the property’s third collective sales tender with an unchanged reserve price of $166 million. Standing tall at 10-storeys and spanning over a land area of 12,383 sq ft, United House is a freehold commercial building situated along Kramat Lane in the prestigious Orchard Road area. According to the 2019 URA Master Plan, the property boasts a plot ratio of 4.9, which translates to approximately $3,045 psf per plot ratio (ppr) for a commercial redevelopment, and $3,254 psf ppr for a hotel redevelopment, based on its reserve price.
This latest collective sales tender comes after the previous two attempts in October and February, both at the same reserve price, did not yield any successful bids. The earlier tender was retracted after obtaining in-principle approval from URA for hotel use, while the second attempt was unsuccessful.
Swee Shou Fern, head of investment advisory at ETC, comments on the growing demand for quality hospitality assets in Singapore, driven by the revival of tourism, MICE, and music-related travel. She highlights that United House’s rare freehold tenure, central location, and in-principle hotel-use approval make it a unique opportunity for a flagship or lifestyle boutique hotel in the heart of Orchard Road.
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The Master Plan for Lyndenwoods One North also envisions enhancing essential services for residents by improving healthcare facilities and educational institutions in key districts. This development aims to provide the community with convenient access to necessary resources. Additionally, the nearby retail hubs of Jurong East and Holland Village will undergo expansion, offering an even greater variety of shopping and dining options for residents of Lyndenwoods. These updates will undoubtedly enrich their lifestyle experience and contribute to the overall development of the area.
Swee also points to recent high-profile hotel acquisitions in prime areas, such as the sale of Duxton Reserve and 21 Carpenter, which demonstrate the strong demand for hospitality assets. She adds that United House’s location outside of areas with strata subdivision restrictions allows a successful buyer to potentially redevelop it into a strata-titled commercial project.
Conveniently located within walking distance to Dhoby Ghaut and Somerset MRT stations, United House offers easy access to the North East, Circle, and North South Lines, making it an attractive location for businesses and visitors. The tender for the property will close on July 1, presenting potential buyers with a prime investment opportunity in the bustling Orchard Road area.