PUBLISHED DEC 3, 2018
SINGAPORE – A prime commercial development site in Queenstown which once housed the iconic Queenstown Cinema at 250 Commonwealth Avenue was launched for sale by tender on Monday (Dec 3).
The upcoming Queenstown Cinema land site is expected to developed into a six storey commercial building with shops, restaurants, community institutions and a cineplex with basement car parking lots.
The vacant plot has a land area of 3,001.2 square metres (32,305 square feet) and a 99-year lease commencing from Jan 1, 1975. It is located at the corner of Commonwealth Avenue and Margaret Drive, about 300 metres from Queenstown MRT station.
The approved gross floor area (GFA) is 9,003.6 sq m (96,914 sq ft), and development charge is not payable.
The sale is expected to fetch above $200 million, or about $2,063 per square foot of the approved GFA, said Cushman & Wakefield, the firm marketing the property.
In this popular mature site, it is being rapidly built up with numerous condominium developments and public housing projects, and being the new commercial development will serve more than 17,000 households from the new and existing residences in the vicinity, is a rare opportunity.
“Given the recent cooling measures in the residential segment and the excellent attributes of the subject site, we are confident that it will receive good interest from developers and investors both local and overseas.”
The tender for this property will close at 3pm on Jan 8, 2019.
Close up projects nearby includes Margaret Ville, Stirling Residences which will allow future residents to be part of the rejuvenation plans.