Two sites at 97 & 99 Still Road and 137 Koon Seng Road, which are adjacent to each other, have been launched for sale. The guide price is $21 million (or around $960 psf ppr), subject to confirmation of DC payable on combination of the two sites. The two sites have a total site area of 14,661 sqft and are to be sold collectively. Under URA’s Master Plan 2019, both sites are zoned for residential use with a plot ratio of 1.4. Currently, 97 & 99 Still Road is where a three-storey boutique hotel, Malacca Hotel, stands. It comprises 29 rooms. The other site, 137 Koon Seng Road, is currently a two-storey residential block used as workers’ quarters and for administrative purposes for the hotel’s operations. Investors can consider either to retain the current use or to redevelop the site to accommodate a boutique residential non-landed development, Teo Junrong, associate director of CBRE Hotels, says. Alternatively, the site can be used as a co-living space with a mix of short-stay and long-stay accommodation. The tender for the sites closes on Mar 24.... Continue Reading