Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment, a high-end home property developer, was developed in 2017 and presently has $50 million worth of plans within its own pipeline.
It is located next to several exclusive houses, furthermore is within strolling proximity of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are a quick drive away.
Silver Edge Investment prepares to redevelop the site right into specific niche ground residences, according to its supervising affiliate Christopher Tong. He anticipates the prospective homes at the area to attract home purchasers that seek “stay in an amazing locale within the established domestic enclave at Pasir Panjang”.
“The property is purposefully established within rich plant with effortless accessibility to West Coast Park, Southern Ridges plus various other green locations near the upcoming Greater Southern Waterfront,” claims Mary Sai, managing director of capital markets at Knight Frank Singapore.
A property redevelopment site on 303 as well as 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the agreement.
Chia expects interest to come coming from the development of the nearby wealth people including the addition of new high-net-worth citizens.
Some other residential projects in Silver Edge Investment’s pipe consist of two removed bungalows on 52 Wilkinson Road also an one removed home at 37 Poole Road, each set up for finalization at the end of 2022.
The Pasir Panjang Road location has an acreage of 16,379 sq ft and is zoned domestic use with a gross plot ratio of 1.4. The existing development contains a primary single-storey bungalow with a number of privies.
Silver Edge Investment Holdings earned the proposal at $475,000 on top of the guide rate of $18 million, translating to a land price of $1,128 psf.
“This residential property received keen interest from possible buyers looking for a palatable-sized redevelopment possibility with superb locational attributes,” says Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The potential for redevelopment right into houses or property residences was a primary draw, she incorporates.
The tender exercise was introduced on Sept 15 and closed on Oct 13.