United House has officially relaunched its third collective sale tender, maintaining a reserve price of $166 million. This price remains unchanged from previous attempts, reflecting the owners’ steadfastness in their valuation of the property located at Kramat Lane in the bustling Orchard Road area. The decision to reinitiate the tender process follows the earlier withdrawals and aims to attract potential investors interested in capitalizing on the property’s prime location and redevelopment potential.
The property itself is a freehold commercial building that spans ten storeys and occupies a land area of approximately 12,383 square feet. Its strategic positioning within the Orchard Road vicinity enhances its appeal for various redevelopment opportunities. The plot ratio for redevelopment is set at 4.9, a factor that offers significant potential for expansion and intensification of use. The pricing is set at $3,045 per square foot per plot ratio (psf ppr) for commercial use, while the pricing for hotel redevelopment stands slightly higher at $3,254 psf ppr, reflecting the growing demand for hospitality spaces in the area.
Originally launched in October 2024, the tender was withdrawn but has since returned to the market following the receipt of in-principle approval for hotel use. This approval is a critical milestone that positions the property favorably for developers who may be seeking to create a hotel or other commercial assets. The tender is now set with a deadline of July 1, 2025, providing a clear timeframe for interested parties to evaluate their options.
Moreover, United House benefits from excellent accessibility, as it is conveniently located within walking distance of the Dhoby Ghaut MRT Interchange. This proximity to key transportation nodes not only enhances the property’s attractiveness but also suggests a higher likelihood of successful redevelopment.
With the ongoing evolution of Singapore’s urban landscape, such properties are increasingly sought after, particularly in vibrant areas that promise growth and foot traffic. The third collective sale tender of United House represents an opportunity for developers and investors to acquire a prime piece of real estate in one of Singapore’s most coveted locales.
The unchanged reserve price indicates the owners’ confidence in the property’s potential, despite previous challenges in the tender process. As Singapore continues to evolve as a competitive market for both commercial and hospitality ventures, the timing of this relaunch could play a pivotal role in its future development.
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News Source: Edgeprop
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