The Ophir Rochor area is undergoing a revamp.
And a landmark development has been planned for this new office district.
The Ophir Rochor district has been slated to be a new growth extension from the Marina Bay area.
An artist's impression of Ophir Rochor district.The first plot next to Parkview Square will be released for sale in June as part of the government land sales programme.
Analysts expect the 2.74-hectare site to provide some 1.6 million square feet of space for a range of uses.
Mr Donald Han, Managing Director of Cushman & Wakefield (Singapore), said: "The proportion will be something like close to 500 rooms for hotel. That's probably suitable for a 4-star hotel, potentially even 5-star, and if you look into the office component, it would be slightly in access of 1.3 or maybe 1.4 million gross floor area."
Industry watchers expect the development to be completed in two to three years, with rentals going at about half of that in prime financial districts, at between 8 and 10 dollars per square foot.
The URA will be marketing the Ophir Rochor site at an international real estate exhibition in Cannes on March 11-14.
Analysts say the opening up of the Rochor Ophir corridor will become a catalyst for more sites to be developed in the area.
They also expect to see some collective sales in the near future, as older buildings in the vicinity get a makeover, to keep up with the times.
Mr Han added: "If you look at Rochor Road, Beach Road, it's quite a mix bag of new and old. Particularly the old ones, there are a lot of strata title developments where there is really not much incentives among owners wanting to upgrade.
"The fact that there is now a landmark development coming in, land values will be recognised at the end of the day and when there is an increase in terms of land value, there will be an increase in desire to redevelop."
The URA will continue to release more land in the Ophir Rochor area over the next five to 10 years, in tandem with market demand. - CNA/de
No comments:
Post a Comment