Freehold residential site in Pasir Panjang up for sale at $18 mil
A freehold household location on Pasir Panjang Road is up for deal by tender with a sign cost “over of $18 million”, states advertising representative Knight Frank Singapore.
Zoned for home usage under the URA 2019 Master Plan, the place has a great plot ratio of 1.4, which translates to an utmost gross flooring location of almost 23,000 sq ft. It has a wide 43m frontage along Pasir Panjang Roadway.
Mary Sai, Knight Frank Singapore’s corporate supervisor, funding markets, says the purchase of nearby projects Gloria Mansion as well as Flynn Park in the previous months has propelled interest in the location. “With the Greater Southern Waterside transformation intend on the horizon, this site is an interesting possibility for capitalists and also property owners,” she includes.
Gloria Mansion, a 12-storey freehold residence development consisting of 31 flats, was offered en bloc for $70.3 million to Fraxtor Capital and also a group led by the family offices of Daniel Teo and Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit estate condominium, was reselled en masse for $371 million ($ 1,355 psf ppr) to a shared venture between Hoi Hup Real Estate as well as Sunway Developments in September 2021.
” The property has the potential to be redeveloped into either a shop house property consisting of 21 units with a typical dimension of 1,076 sq ft, or landed residences such as bungalows, semi-detached or balcony houses, based on authorization from the relevant experts,” claims Chia. She includes that the place would certainly entice big multi-generational or extended family groups looking to develop a brand-new home.
The overview price is near $1,099 psf based upon the land area. For a recommended redevelopment of the area as much as the gross plot ratio of 1.4, the land price works out to approximately $1,308 psf per plot ratio, providing the land betterment expense, states Knight Frank Singapore.
Chia Mein Mein, head of funding markets (land and collective sale) at Knight Frank Singapore, indicates that the 16,379 sq ft site, which currently houses a single-storey bungalow with a number of privies, is excellent for redevelopment.
The residential property is about 500m far away from the Haw Par Villa MRT Station on the Circle Line. It is likewise within 2km of the National University of Singapore as well as National University Hospital.
The property’s lawful title is held by a solo family. Chia emphasize that this offers a chance for instant redevelopment, without the need to go through the uncertainties of a shared sale. She anticipates eager attention in the tender provided the area’s palatable value quantum, rapid turnaround time and also strategic area.
The tender will certainly close on Oct 13 at 3pm.
