A commercial building in the core city centre IOB Building is not put up for sale by the commercial redevelopment authority of Singapore. IOB Building is located at Cecil Street and Cross Street and is a 6 storey office located right at the heart of the Central Business District. IOB Building comes with 2 basement carpark floors and sits on a almost 10,000sqft of prime land and has a plot ratio of 12.6. It is a 99 Years Leasehold development. This would mean that based on the gross floor area as well as the land size, an estimated 15 storeys and 120,947sqft of office space can be builds on the plot of land. IOB is zoned “commercial” according to the Urban Redevelopment Authority’s (URA) 2019 Master Plan, with an allowable gross plot ratio of 12.6 and therefore no residential buildings can be constructed on the plot of land.
A plan to change the use to “residential with commercial at the first storey” and “hotel” has been submitted to the URA and pending reply from the authorities. If it is successful, the developer can build residential development on the 1st floor. Various floor plans are also available for sale soon. Please see the latest Midtown Gardens floor plans for more information with regards to the developer.
Landmarks in the immediate vicinity include CapitaGreen, Manulife Tower, Prudential Tower. There is also a upcoming development CapitalSpring and The Clan Hotel which provide dining options and retail for nearby office workers. IOB Building is also located just opposite Telok Ayer MRT station on the Downtown Line is and walking distance to both Raffles Place MRT interchange and the upcoming Shenton Way MRT station making it a easy destination for office workers to visit home and to work.
Office supply in the CBD is likely to remain low until 2025 as the government did not announce any new government land sales programme, and that there is only one white site at Marine View on the reserve list. This would mean that office land sales such as IOB Building should be highly sought after and therefore in demand.