Freehold residential site in Pasir Panjang up for sale at $18 mil
A freehold residential site on Pasir Panjang Roadway is up for deal by tender with a sign price “in excess of $18 million”, states advertising broker Knight Frank Singapore.
Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft spot, which already houses a single-storey bungalow with several privies, is suitable for redevelopment.
Zoned for residential usage under the URA 2019 Master Plan, the place has a great plot ratio of 1.4, which converts to a highest gross flooring area of just about 23,000 sq ft. It has a broad 43m front along Pasir Panjang Roadway.
The guide price is around $1,099 psf accorded to the land area. For a suggested redevelopment of the area as much as the gross plot ratio of 1.4, the land rate works out to about $1,308 psf per plot ratio, consisting of the land improvement fee, says Knight Frank Singapore.
The property’s legitimate title is held by a single household. Chia highlights that this provides a chance for instant redevelopment, in the absence of the need to go through the unpredictabilities of a collective sale. She prepares for eager attraction in the tender provided the location’s attractive cost quantum, quick turnaround time as well as critical location.
The residential property is about 500m away from the Haw Par Villa MRT Station on the Circle Line. It is likewise inside 2km of the National University of Singapore as well as National University Hospital.
” The residential property has the prospective to be redeveloped right into possibly a shop house project comprising 21 units with a common measurements of 1,076 sq ft, or landed residences such as bungalows, semi-detached or porch houses, subject to permission from the pertinent authorities,” claims Chia. She adds that the site would certainly interest big multi-generational or extended family members aiming to build a brand-new home.
Mary Sai, Knight Frank Singapore’s corporate supervisor, resources markets, states the purchase of neighboring developments Gloria Mansion and Flynn Park in the last months has stimulated interest in the local area. “With the Greater Southern Waterside change plan on the border, this posting is an interesting opportunity for investors and also property owners,” she adds.
Sceneca Residences MCC Land (Singapore) Pte Ltd
Gloria Mansion, a 12-storey property development comprising 31 houses, was sold en masse for $70.3 million to Fraxtor Capital and also a team led by the family firms of Daniel Teo as well as Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit estate condo, was sold off en bloc for $371 million ($ 1,355 psf ppr) to a mutual business venture among Hoi Hup Realty as well as Sunway Developments in September 2021.
The tender will certainly close on Oct 13 at 3pm.
