Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The building is about 300m from United Square Shopping Center as well as is likewise near Novena MRT Station on the North-South Line.
According to a statement by the advertising agent, the estate flats is being sold by a family-owned business which constructed the development, Kartar Apartments, in the 1980s.
“While doing so, the buyer had actually obtained a suggestions from the Urban Redevelopment Authority in action to a provisionary consent application supporting the redevelopment of the plot into a serviced apartment development,” claims Singh.
According to the press release, this development has originally been put up for sale in November 2021 with a seeking quote of $18 million. A buyer originally set the choice to buy the building that month, however might not complete the investment as a result of funding issues.
The residential property sits on a 7,300 sq ft plot and has a gross flooring location (GFA) of 8,300 sq ft. The requesting deal equate to a land rate of $917 psf per plot ratio, consisting of development costs, claims Delasa. “At this price, a developer might presume to break-even at around $1,800 psf, subject to approvals from the authorities,” claims Karamjit Singh, CEO of Delasa.
He adds that this establishes the redevelopment opportunities for the area a lot more eye-catching for property developers or brokers to capitalise on the limited rental market. The area could be redeveloped right into a condominium property with 22 units with an average size of 915 sq ft, states Singh.
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been sold by exclusive treaty with a demanding rate of $18.5 million. The residential property is marketed by residential property consultancy Delasa.
The site is zoned “domestic” under the most up to date Master Plan with an allowed plot rate of 2.8. This leads to a possible GFA of 20,400 sq ft, subject to confirmations.