Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment, a deluxe residence property developer, was developed in 2017 and currently has $50 million value of ventures in its own pipeline.
An estate household redevelopment site on 303 and also 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the deal.
Other property plans in Silver Edge Investment’s pipeline consist of two removed bungalows on 52 Wilkinson Road and an one detached home at 37 Poole Road, both scheduled for finalization by the end of 2022.
“The property is tactically set within lush plant with effortless accessibility to West Coast Park, Southern Ridges along with other environment-friendly locations around the upcoming Greater Southern Waterfront,” states Mary Sai, executive supervisor of financing markets at Knight Frank Singapore.
Chia expects demand to follow from the development of the nearby riches population together with the inclusion of new high-net-worth locals.
The Pasir Panjang Road location has an acreage of 16,379 sq ft as well as is zoned property use with a gross plot rate of 1.4. The occurring development consists of a main single-storey bungalow with several privies.
It lies next to several personal residences, and is within walking distance of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are a short ride away.
Silver Edge Investment Holdings won the bid at $475,000 over the guide rate of $18 million, equating to a land price of $1,128 psf.
Silver Edge Investment plans to redevelop the location right into specific niche landed houses, according to its handling associate Christopher Tong. He anticipates the future residences at the site to interest residential property buyers who seek “reside in an impressive location throughout the established domestic territory at Pasir Panjang”.
“This property got keen interest from prospective purchasers searching for a palatable-sized redevelopment possibility with exceptional locational qualities,” states Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The possibility for redevelopment into condos or property houses was a primary draw, she adds.
The tender exercise was launched on Sept 15 and also sealed on Oct 13.