Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The site is zoned “residential” under the most up to date Master Plan with a permitted plot ratio of 2.8. This causes a prospective GFA of 20,400 sq ft, subject to permissions.
“At the same time, the purchaser had actually gotten a guidance from the Urban Redevelopment Authority in reaction to a provisionary consent application sustaining the redevelopment of the plot into a serviced flat property,” states Singh.
The structure has to do with 300m from United Square Shopping Center and is additionally near Novena MRT Station on the North-South Line.
He includes that this establishes the redevelopment possibilities for the area more eye-catching for developers or financiers to capitalise on the tight rental market. The site could be redeveloped into an apartment development with 22 units with a normal dimension of 915 sq ft, states Singh.
According to the press release, this construction has originally been offered in November 2021 with an asking rate of $18 million. An investor at first set the option to acquire the real estate that month, but could not complete the order because of funding problems.
A four-storey apartment at 41 & 43 Thomson Roadway has been offered by private treaty with a demanding rate of $18.5 million. The building is marketed by real estate consultancy Delasa.
The property remains on a 7,300 sq ft plot and has a gross floor area (GFA) of 8,300 sq ft. The requesting cost translates to a land rate of $917 psf per plot ratio, consisting of property costs, says Delasa. “At this value, a developer might anticipate to break-even at around $1,800 psf, based on approvals from the authorities,” claims Karamjit Singh, CEO of Delasa.
According to a press release by the advertising agent, the freehold apartment is being sold by a family-owned firm which built the property, Kartar Apartments, in the 1980s.