McDonald's Place sold to Oxley for $150m

The iconic McDonald's Place at King Albert Park has been sold for $150 million to Oxley Holdings, which plans to redevelop it jointly with three other listed companies.

Home to McDonald's Singapore's corporate headquarters, Cold Storage and a popular McDonald's outlet, the two-storey commercial building sits on a 5,534.8 square metre site zoned for commercial and residential use, with a plot ratio of three.

Situated at the junction of Bukit Timah Road and Clementi Road, the site will be walking distance from the Downtown Line's King Albert Park MRT station, which is under construction.

Oxley Holdings intends to redevelop the property jointly with Heeton Holdings, KSH Holdings and Lian Beng Group.

The purchase price of $150 million works out to a price of $2,918 per square foot of net lettable area, based on the current lettable area of 4,776 sq m.

Based on the potential gross floor area of 16,604 sq metres, and including an estimated development charge of $65.8 million, this works out to a land price of $1,207 per square foot per plot ratio.

Source: Business Times – 11 April 2012