Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent areas at 97 & Ninety Nine Still Road along with Hundred and Thirty-seven Koon Seng Road have actually been offered over bidding alongside a paired minimum rate of $21 million, revealed restricted promotion real estate agent Coldwell Banker Richard Ellis.
This figures out to more or less $9hundred 60 per sq foot per plot ratio, “subject to consent of development fees payable on merger of both plots”.
97 & Ninety Nine Still Rd is taken up by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Road place a 2 storey non commercial block operated as an employees’ dormitory alongside Malacca Hotel’s admin business office.
To be advertised as a package, both spots are conveniently placed on the junction of Koon Seng Rd and Still Road. They offer a full measurement of roughly 14.661K sq ft and exist zoned for residential use in the 2K19 Master Plan with a pr of 1.4.
The house is a 15 min travel to either the CBD along with Orchard Rd, alongside convenient schools featuring Tao Nan School together with Convent of the Holy Infant Jesus Katong Pri.
Coldwell Banker Richard Ellis Htls Asso Director Teo Junrong shared the apartment shows “a appropriate yet unusual opportunity for capitalists to maximize the Katong/ Joo Chiat’s revitalisation, as housing investments within this area of Singapore have been firmly stored over the yrs”.
“Our experts are optimistic of the site’s beauty, as initial questionings with Urban Redevelopment Authority suggested the fact that there will likely be marginal development rates, that will be a huge benefit element for developers pursuing to enhance or supply their landbank,” he shared.
“Investors can look at probably to retain the present purpose or to reconstruct the plot to adapt a boutique housing non-landed project. There is furthermore the alternative of converting the site right into an unique co-stay building with a mix of short visit as well as long stay room,” included Teo.
The bid for both spots wraps up on 24 Mar.