Tender for the white site at Thomson Road / Irrawaddy Road was launched on 4 October 2012. The land parcel was offered for sale on a 99-year lease term. The tender was closed on 4 December 2012 and was awarded for tender to Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Hoi Hup J.V. Development Pte Ltd by the Urban Redevelopment Authority (URA). The consortium submitted the highest bid in the tender for the site.
The Prime site is located within an established commercial hub at Novena near Novena MRT Station, and just a stone’s throw away from Orchard Road.
Aside from being home to many existing commercial developments, such as Velocity@Novena Square, United Square and Square 2, The Novena area is also a well-known medical hub, with Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute and Mount Elizabeth Novena Hospital all located within the area.
The proposed white site at Thomson Road Irrawaddy Road will serve to provide hotel accommodation and commercial services supporting the surrounding hospitals and medical hub. The 0.66ha White site can yield around 28,000m2 of GFA. At least 30% of the maximum permissible GFA for the development is to be allocated for hotel use and the remaining GFA can be developed for residential, office, retail and other complementary commercial uses.
Here’s why you should buy New Launch Property in Singapore directly from the property developer.
- Buy at the lowest price direct from the property developer. Typically the price goes up in resale market.
- Save on buyer’s commission. No commission payable to agents as the developer pays!
- Choose your preferred unit. but you must act quickly as new condominiums in Singapore are usually snapped up like hot cakes! (For old condominiums, you can only choose from the few who put up their units for sale)
- You receive the property in brand new condition.
- Choose how to renovate or furnish your new home from scratch.
- Enjoy the full duration of the available leasehold from the time of moving in (for leasehold properties).
- Ideal if you do not need to stay or rent out immediately – the Temporary Occupation Permit / T.O.P required for moving in is typically at least 3 – 4 years away. If you are buying for investment, this will provide the 4 years holding time in which the Seller Stamp Duty applies if you sell within 4 years (for Singapore new properties purchased on and after 14 January 2011)
To know more about buying a new launch property, please email us at email@example.com or fill up the “Register Your Interest” form.