Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent grounds at Ninety Seven & 99 Still Rd and 137 Koon Seng Rd have recently been put up for sale by tender with a joined advice figure of $Twenty One mil, communicated unique advertising agent Coldwell Banker Richard Ellis.
The calculation figures out to about $960 psf ppr, “dependent on verification of development fees due on merger of the pair of spots”.
97 & 99 Still Rd is occupied by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Rd stands a 2 storey domestic building used as an employees’ accommodation in addition to Malacca Hotel’s management workplace.
To be advertised as a package, both grounds are purposefully located at the junction of Koon Seng Rd and Still Rd. The sites offer a full area of roughly 14.661K square ft moreover are sector for domestic application under the 2K19 Master Plan with a plot ratio of 1.4.
The property stands a 15 min commute to each the Central Business District as well as Orchard Road, plus proximate educational bodies including Tao Nan Sch furthermore CHIJ Katong Pri.
Coldwell Banker Richard Ellis Htls Asso Director Teo Junrong revealed the property introduces “a rare but well-timed venture for real estate investors to take advantage of the Katong/ Joo Chiat’s rejuvenation, as property investments within this area of SGP have definitely stood securely stored beyond the yrs”.
“Our team are hopeful of the ground’s appeal, as first enquiries with Urban Redevelopment Authority specified that there will likely get very little development costs, that are going to become a great perk aspect for real estate investors searching to strengthen or supply their landbank,” Teo claimed.
“Financiers can certainly take into account either to keep the existing use or to redevelop the spot to accommodate a boutique residential non-landed development. There is similarly the option of turning the area right into an one-of-a-kind shared living product with a combine of short visit as well as much longer visit lodging,” added Junrong.
The tender for both spots concludes on 24 Mar.