Redevelopment Site Chai Chee Street Sale 63 Mil
CBRE, the exclusive marketing agent, has announced the sale of a redevelopment site on Chai Chee Street for health and medical care use. The site, with an indicative price of $63 million, is available for purchase through an expression of interest (EOI).
The property spans approximately 60,282 sq ft and is zoned for health and medical care use under the URA Master Plan 2019. It currently houses a four-storey medical facility with a gross floor area of around 58,928 sq ft. The first and second floors are used for a medical centre and offices, while the remaining floors serve as a nursing home.
According to CBRE, the property’s current zoning allows for various potential uses, such as a hospital, medical or dental clinics, nursing home, veterinary clinic, and clinical research facility, subject to the relevant authorities’ approvals.
Michael Tay, head of capital markets at CBRE Singapore, notes that the property presents a unique opportunity for potential developers and private healthcare institutions to create a brand-new development. He further adds, “Developers and medical service providers have consistently shown interest in land designated for health and medical use. However, the supply has been limited, making this site a highly sought-after investment opportunity.”
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The property is ideally located in the heart of Bedok, the second largest planning area in terms of resident population after the nearby Tampines. It offers convenient access to a range of amenities, including dining, retail, and entertainment options at Bedok Town Centre and ESR BizPark @ Chai Chee, as well as along East Coast Road. The area also provides community services such as sports complexes, medical facilities, and recreational parks.
The site is in close proximity to public transport nodes, with Bedok and Bedok North MRT stations just a short distance away. Bedok is also poised for future growth, with the upcoming Bayshore Estate set to introduce an additional 10,000 new homes to the neighbourhood. Additionally, the relocation of Paya Lebar Air Base in 2030 will make way for a new town with 150,000 new homes.
Tay further highlights the property’s strategic location and attributes, stating that it presents a compelling investment opportunity with significant potential for value appreciation.
An outline application has been submitted for a 12-storey assisted living facility with a medical centre at a plot ratio of 2.5. Depending on planning approval, the land rate is set at approximately $806 psf per plot ratio (ppr), based on the guide price of $63 million.
The sale comes with a new 60-year leasehold tenure that commences upon completion of the sale. The EOI exercise will close on May 21 at 3 pm.