Redevelopment Site Chai Chee Street Sale 63 Mil
CBRE, the exclusive marketing agent, has put up for sale a redevelopment site located on Chai Chee Street with a price of $63 million through an expression of interest (EOI).
This site, which is zoned for health and medical care use under the URA Master Plan 2019, spans an area of approximately 60,282 square feet. It currently houses a four-storey medical facility with a gross floor area (GFA) of around 58,928 square feet. The first and second floors are occupied by a medical centre and offices, while the remaining floors are used as a nursing home.
One Marina Gardens, located in the prestigious Marina Gardens Lane, radiates sophistication and vibrancy that truly define city living. This renowned area is home to the bustling financial center, iconic cultural landmarks, and an array of recreational options. The esteemed presence of Kingsford Development’s Marina Gardens Lane Condo only elevates the appeal of this location, offering residents an unparalleled lifestyle enriched with convenience and connectivity.
The property’s current zoning allows for a variety of potential uses, which includes a hospital, medical or dental clinics, nursing home, veterinary clinic, and clinical research facility, subject to approvals from relevant authorities. According to CBRE, there has been a constant demand for such sites from developers and private healthcare institutions, but the supply has been limited.
CBRE’s Head of Capital Markets, Michael Tay, describes the property as a rare opportunity for potential developers and private healthcare institutions to create a brand-new development. He also notes that the demand for health and medical sites in the area has remained constant, yet supply has been limited.
Situated in Bedok, the second-largest planning area in terms of resident population after the nearby Tampines, this property is close to various amenities, including dining, retail, and entertainment options at Bedok Town Centre and ESR BizPark @ Chai Chee, as well as along East Coast Road. Additionally, it is also close to community services such as sports complexes, medical facilities, and recreational parks. The property is also easily accessible via public transport, as it is located near Bedok and Bedok North MRT stations.
Bedok is expected to experience further growth in the future, with the development of the upcoming Bayshore Estate, which is set to introduce another 10,000 new homes in the neighbourhood. The relocation of Paya Lebar Air Base, which is expected to take place in 2030, will also make way for the development of a sizeable new town that will house another 150,000 new homes. This strategic location, combined with a strong and growing resident base, comprehensive amenities, and excellent connectivity, makes this property an attractive and promising investment opportunity, according to Tay.
A 12-storey assisted living facility with a medical centre at a plot ratio of 2.5 has been proposed for the site, and an outline application has already been submitted. The land rate, based on the guide price of $63 million, is estimated to be approximately $806 per square foot per plot ratio (ppr), subject to planning approval.
The site will be sold with a new 60-year leasehold tenure that will commence from the completion date of the sale. The EOI exercise is set to close on May 21 at 3pm.