United House has reintroduced its collective sale tender, maintaining a reserve price of $166 million. This price remains unchanged from prior attempts, reflecting the company’s commitment to achieving a favorable sale outcome. The tender process is being managed exclusively by ETC, a firm known for its expertise in real estate transactions. Interested parties are expected to submit their proposals by the deadline of July 1, 2025, marking a significant timeframe for potential buyers to evaluate the property and formulate their bids.
The property itself is situated in the sought-after Orchard Road area, specifically at Kramat Lane, which is well-regarded for its commercial viability. Spanning approximately 12,383 square feet, United House is a freehold commercial property that presents numerous opportunities for redevelopment. The site has a plot ratio of 4.9, which developers find appealing due to its potential for higher density projects. This ratio allows for the redevelopment of the site into commercial or hotel uses, with the respective prices per square foot for potential development set at $3,045 psf ppr for commercial purposes and $3,254 psf ppr for hotel purposes.
The collective sale tender was initially launched in October 2024 but was temporarily withdrawn to secure planning approval for hotel use. This approval has since been granted, which enhances the attractiveness of the property to prospective buyers. The ability to develop a hotel on the site is particularly significant given the ongoing demand for accommodations in prime urban areas. This potential redevelopment aligns with broader trends in urban development, where mixed-use spaces are increasingly favored.
United House’s decision to maintain its reserve price indicates a strategic approach in a competitive real estate market. The firm likely aims to attract serious buyers who recognize the value of the property and its redevelopment potential. By not altering the reserve price, the company signals confidence in the property’s marketability and the anticipated interest from developers and investors.
The Orchard Road area is a highly coveted location, known for its vibrant retail and commercial activities. As such, United House stands to benefit from its prime positioning, which may lead to competitive bidding as the submission deadline approaches. Developers are often drawn to areas that promise high foot traffic and accessibility, both of which are hallmarks of the Orchard Road vicinity.
As the submission deadline of July 1, 2025, draws nearer, the property is expected to garner attention from various stakeholders within the real estate sector. The renewed tender process may provide a pivotal opportunity for developers looking to capitalize on the market dynamics of commercial and hospitality spaces in a prime urban setting. With the planning approval secured and the potential for lucrative redevelopment, United House’s collective sale tender positions itself as a noteworthy prospect for investment in Singapore’s real estate landscape.
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News Source: Edgeprop
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