United House has been relaunched for collective sale with a tender price set at $166 million, consistent with previous offerings. This marks the third attempt to sell the property, which is strategically located at Kramat Lane in the sought-after Jalan Loyang Besar area. The building is a freehold commercial structure that spans ten storeys and occupies approximately 12,383 square feet of land. The current tender reflects a steadfast commitment to the previously established reserve price, demonstrating the owners’ confidence in the asset’s value.
The tender process for United House is slated to close on July 1, 2025. This timeline follows an initial launch in October 2024 and a prior withdrawal aimed at confirming the planning application for hotel use. The property’s potential for redevelopment has attracted attention, particularly given its plot ratio of 4.9 as per the 2019 Urban Redevelopment Authority (URA) Master Plan. For those interested in commercial redevelopment, the pricing has been set at $3,045 per square foot per plot ratio (psf ppr), while the price for hotel redevelopment is slightly higher at $3,254 psf ppr.
Accessibility is one of the key advantages of United House, enhancing its appeal for potential buyers. The property is within walking distance of the Dhoby Ghaut MRT Interchange, which connects three major MRT lines: North East, Circle, and North South. This level of connectivity is particularly attractive to businesses and investors, as it provides convenient access to various parts of Singapore, thus enhancing the potential for future tenants or guests.
The previous attempts to secure a buyer for United House highlight the challenges and complexities of the collective sale market. While earlier efforts did not result in a successful sale, the relaunch signals renewed optimism among the stakeholders.
The real estate landscape in Singapore continues to evolve, and the owners of United House remain hopeful that the current tender will attract serious interest from developers who recognize the long-term value of the property.
As the tender closing date approaches, market analysts will closely monitor developments surrounding United House. The potential for redevelopment into commercial or hotel space positions the property as a significant opportunity in an area known for its vibrancy and economic activity.
The outcome of this tender may also set precedents for future collective sales in the Jalan Loyang Besar region, which has a rich history of successful property transactions.
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News Source: Edgeprop
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