Freehold residential site in Pasir Panjang up for sale at $18 mil
The property’s legitimate title is held by a single family members. Chia highlights that this provides a chance for prompt redevelopment, in the absence of the demand to experience the uncertainties of a shared sale. She anticipates eager attraction in the tender offered the area’s palatable cost quantum, fast turnaround time and calculated location.
The guide price is almost $1,099 psf based on the acreage. For a suggested redevelopment of the area as much as the gross plot ratio of 1.4, the land price works out to around $1,308 psf per plot ratio, featuring the land enhancement cost, claims Knight Frank Singapore.
The residential property is about 500m far from the Haw Par Villa MRT Station on the Circle Line. It is additionally inside 2km of the National University of Singapore and National University Hospital.
Mary Sai, Knight Frank Singapore’s executive director, resources markets, states the selling of nearby developments Gloria Mansion and also Flynn Park in the last months has actually stimulated interest in the location. “With the Greater Southern Beachfront improvement plan on the horizon, this listing is an exciting chance for capitalists and also home owners,” she includes.
Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, marks that the 16,379 sq ft location, which already houses a single-storey home with several outhouses, is optimal for redevelopment.
Gloria Mansion, a 12-storey freehold residential development comprising 31 condominiums, was marketed en bloc for $70.3 million to Fraxtor Capital and also a group led by the household workplaces of Daniel Teo as well as Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit estate condominium, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a shared business venture amongst Hoi Hup Realty and also Sunway Developments in September 2021.
Zoned for property utilization under the URA 2019 Master Plan, the site has a gross plot ratio of 1.4, which equates to a total gross flooring area of almost 23,000 sq ft. It has a large 43m frontage along Pasir Panjang Road.
” The building has the potential to be redeveloped into either a shop house property comprising 21 units with a typical proportions of 1,076 sq ft, or landed dwellings such as bungalows, semi-detached or patio residences, based on authorization from the relevant experts,” says Chia. She adds that the site would certainly appeal to huge multi-generational or extended family groups aiming to construct a new home.
An estate household location on Pasir Panjang Roadway is up for sale by tender with a sign rate “in excess of $18 million”, claims promotion and marketing broker Knight Frank Singapore.
The tender will close on Oct 13 at 3pm.