Freehold residential site in Pasir Panjang up for sale at $18 mil
Mary Sai, Knight Frank Singapore’s corporate supervisor, capital markets, says the selling of close-by projects Gloria Mansion and also Flynn Park in the previous months has actually propelled interest in the area. “With the Greater Southern Waterside transformation intend on the border, this listing is an exciting opportunity for capitalists and also property owners,” she includes.
The guide price is almost $1,099 psf based on the land area. For a recommended redevelopment of the spot up to the gross plot ratio of 1.4, the land price exercises to approximately $1,308 psf per plot ratio, consisting of the land improvement cost, says Knight Frank Singapore.
The property is about 500m far away from the Haw Par Villa MRT Terminal on the Circle Line. It is likewise inside 2km of the National University of Singapore and also National University Hospital.
Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, indicates that the 16,379 sq ft location, which currently houses a single-storey bungalow with numerous outhouses, is optimal for redevelopment.
” The residential property has the prospective to be redeveloped right into either a store property consisting of 21 units with an average dimension of 1,076 sq ft, or landed residences such as bungalows, semi-detached or terrace homes, subject to authorization from the pertinent authorities,” claims Chia. She adds that the location would certainly interest big multi-generational or extended family members looking to construct a new home.
A freehold residential location on Pasir Panjang Road is up for profit by tender with a measure rate “in excess of $18 million”, says promotion agent Knight Frank Singapore.
The building’s legitimate title is held by an one household. Chia emphasize that this presents a chance for prompt redevelopment, in the absence of the need to go through the unpredictabilities of a cumulative sale. She expects eager attraction in the tender given the location’s palatable rate quantum, quick turnaround time and also tactical location.
Zoned for home usage under the URA 2019 Master Plan, the location has a gross plot ratio of 1.4, which converts to a maximum gross flooring location of just about 23,000 sq ft. It has a large 43m front view along Pasir Panjang Road.
Gloria Mansion, a 12-storey estate household development making up 31 houses, was sold en masse for $70.3 million to Fraxtor Capital and also a group led by the family firms of Daniel Teo and also Teo Teck Weng in January. At The Same Time, Flynn Park, a 72-unit property condo, was offered en masse for $371 million ($ 1,355 psf ppr) to a shared investing involving Hoi Hup Realty and also Sunway Developments in September 2021.
The tender will close on Oct 13 at 3pm.