Former Queenstown Cinema site for sale by tender at $200m

A potential six-storey commercial building on the site could serve more than 17,000 households in the area.

A commercial development site in Queenstown where the iconic Queenstown Cinema used to sit was launched for sale by tender, an announcement by Cushman & Wakefield revealed.

Located at the corner of Commonwealth Avenue and Margaret Drive, it has a land area of 3,001.2 sqm and a 99 year lease commencing from 1 January 1975. It is located about 300 m from the Queenstown MRT station.

Written permission has been granted for it to be developed into a six-storey commercial building with shops, community institutions and basement car parking lots, the announcement revealed. Its gross floor area (GFA)is 9,003.6 sqm and development charge is not payable.

The sale is expected to reel in above $200m or approximately $2,063 psf of the approved GFA, according to Cushman & Wakefield.

“This is a rare opportunity to acquire a prime commercial development site right in the heart of Queenstown, a mature and highly popular residential precinct,” Cushman & Wakefield executive director of capital markets Shaun Poh said in a statement. “In fact, it is the only commercial site available on the market within the locale.”

He added that the potential commercial development could serve more than 17,000 households from the new and existing residences in the vicinity as the area around the site is being rapidly built up with numerous condominium developments and public housing projects. The condominium developments surrounding the site include Stirling Residences, Commonwealth Towers and Queens Peak.

"Given the recent cooling measures in the residential segment and the excellent attributes of the subject site, we are confident that it will receive good interest from developers and investors both local and overseas," Poh added.

The tender for the property will close on 8 January 2019 at 3 p.m.