Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment prepares to redevelop the location into niche landed homes, according to its managing associate Christopher Tong. He anticipates the potential houses at the area to appeal to residential property buyers who intend “reside in an amazing location within the well established property territory at Pasir Panjang”.
Chia expects need to come coming from the expansion of the neighborhood riches people including the extra of current high-net-worth residents.
The Pasir Panjang Road site has an acreage of 16,379 sq ft as well as is zoned property use with a gross plot rate of 1.4. The existing development consists of a primary single-storey bungalow with a number of privies.
“This property obtained keen interest from potential buyers searching for a palatable-sized redevelopment possibility with excellent locational attributes,” states Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The possibility for redevelopment right into houses or landed houses was a primary draw, she adds.
Silver Edge Investment, a high-end residence developer, was developed in 2017 and currently has $50 million worth of work within its own pipeline.
“The real estate is tactically set up within rich plant with easy access to West Coast Park, Southern Ridges plus other green places around the upcoming Greater Southern Waterfront,” claims Mary Sai, executive supervisor of funding markets at Knight Frank Singapore.
More residential projects in Silver Edge Investment’s pipeline feature two separated bungalows on 52 Wilkinson Road and even a single removed bungalow at 37 Poole Road, each scheduled for completion by the end of 2022.
It stands beside lots of personal houses, furthermore is within strolling range 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 actually a quick travel away.
Silver Edge Investment Holdings won the proposal at $475,000 over the guide rate of $18 million, translating to a land rate of $1,128 psf.
A property household redevelopment site on 303 as well as 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which brokered the deal.
The tender exercise was introduced on Sept 15 and also sealed on Oct 13.