Freehold residential site in Pasir Panjang up for sale at $18 mil
The real estate is about 500m outside the Haw Par Villa MRT Terminal on the Circle Line. It is likewise inside 2km of the National University of Singapore as well as National University Hospital.
The building’s legal title is held by a solo household. Chia emphasize that this offers an opportunity for prompt redevelopment, without the demand to experience the unpredictabilities of a shared sale. She prepares for eager attraction in the tender given the area’s palatable price quantum, quick turnaround time as well as critical location.
” The residential property has the prospective to be redeveloped into either a boutique home development consisting of 21 units with an average dimension of 1,076 sq ft, or landed houses such as bungalows, semi-detached or patio homes, based on confirmation from the pertinent experts,” claims Chia. She adds that the site would appeal to big multi-generational or extended family members aiming to build a new house.
Zoned for residential utilization under the URA 2019 Master Plan, the site has a great plot ratio of 1.4, which equates to an utmost gross floor location of just about 23,000 sq ft. It has a broad 43m front along Pasir Panjang Roadway.
Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft location, which currently houses a single-storey bungalow with a number of privies, is ideal for redevelopment.
Gloria Mansion, a 12-storey freehold property making up 31 apartments, was marketed en bloc for $70.3 million to Fraxtor Capital and a group led by the family members offices of Daniel Teo and Teo Teck Weng in January. At The Same Time, Flynn Park, a 72-unit estate apartment, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a mutual investing involving Hoi Hup Realty and Sunway Developments in September 2021.
Mary Sai, Knight Frank Singapore’s corporate supervisor, funding markets, states the sale of close-by projects Gloria Mansion as well as Flynn Park in the previous months has actually stimulated interest in the local area. “With the Greater Southern Waterside makeover plan on the boundary, this listing is an amazing chance for capitalists and also homeowners,” she adds.
A freehold property location on Pasir Panjang Roadway is up for profit by tender with a measure cost “over of $18 million”, states promotion and marketing broker Knight Frank Singapore.
The overview price is near $1,099 psf based on the land area. For a suggested redevelopment of the site approximately the gross plot ratio of 1.4, the land rate exercises to about $1,308 psf per plot ratio, providing the land betterment fee, claims Knight Frank Singapore.
The tender will certainly close on Oct 13 at 3pm.