Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
According to a statement by the advertising agent, the estate apartment building is being sold by a family-owned firm which built the property, Kartar Apartments, in the 1980s.
A four-storey apartment at 41 & 43 Thomson Roadway has actually been put up for sale by exclusive treaty with a demanding rate of $18.5 million. The building is marketed by residential property consultancy Delasa.
“While doing so, the purchaser had obtained an advice from the Urban Redevelopment Authority in action to a provisionary consent application sustaining the redevelopment of the plot into a serviced flat project,” says Singh.
The property remains on a 7,300 sq ft plot and also has a gross flooring area (GFA) of 8,300 sq ft. The requesting rate equate to a land rate of $917 psf per plot ratio, involving project costs, claims Delasa. “At this cost, a developer may expect to break-even at around $1,800 psf, subject to approvals from the authorities,” says Karamjit Singh, CEO of Delasa.
He adds that this makes the redevelopment chances for the place much more eye-catching for property developers or investors to capitalise on the limited rental market. The location could be redeveloped right into a flat property with 22 units with a typical dimension of 915 sq ft, states Singh.
The structure is about 300m from United Square Mall as well as is additionally near Novena MRT Terminal on the North-South Line.
According to the press release, this development has actually at first been offered in November 2021 with an asking deal of $18 million. A buyer at first exercised the choice to purchase the property that month, yet can not complete the buy as a result of funding concerns.
The site is zoned “household” under the most recent Master Plan with a permitted plot ratio of 2.8. This causes a possible GFA of 20,400 sq ft, subject to authorizations.