Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
According to the press release, this project has initially been put up for sale in November 2021 with an asking rate of $18 million. A purchaser at first exercised the choice to purchase the building that month, but might not finish the acquisition as a result of funding problems.
He includes that this establishes the redevelopment opportunities for the site more eye-catching for property developers or financiers to capitalise on the tight rental market. The location could be redeveloped into a flat project with 22 units with a normal dimension of 915 sq ft, says Singh.
The site is zoned “domestic” under the most up to date Master Plan with a permitted plot rate of 2.8. This leads to a potential GFA of 20,400 sq ft, subject to endorsements.
According to a statement by the marketing representative, the property flats is being marketed by a family-owned company which developed the project, Kartar Apartments, in the 1980s.
The building has to do with 300m from United Square Shopping Center as well as is likewise near Novena MRT Station on the North-South Line.
“At the same time, the consumer had acquired a recommendations from the Urban Redevelopment Authority in feedback to a provisional consent application sustaining the redevelopment of the plot right into a serviced condo development,” claims Singh.
The building remains on a 7,300 sq ft plot and also has a gross floor area (GFA) of 8,300 sq ft. The asking value translates to a land price of $917 psf per plot ratio, involving development charges, states Delasa. “At this rate, a builder might anticipate to break-even at around $1,800 psf, based on approvals from the authorities,” claims Karamjit Singh, Chief Executive Officer of Delasa.
A four-storey apartment at 41 & 43 Thomson Road has actually been put up for sale by private treaty with an asking price of $18.5 million. The real estate is marketed by property consultancy Delasa.