Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment, a deluxe house developer, was established in 2017 and also currently has $50 million worth of work in its own pipeline.
A freehold property redevelopment spot on 303 and also 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which serviced the offer.
“This property received keen interest from potential buyers trying to find a palatable-sized redevelopment chance with superb locational qualities,” states Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The potential for redevelopment right into flats or property homes was a main draw, she adds.
It stands next to numerous exclusive homes, and is just within strolling range of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are a quick drive away.
Silver Edge Investment intends to redevelop the area right into niche ground houses, according to its supervising partner Christopher Tong. He presumes the prospective homes at the area to interest residence buyers who aspire to “reside in an exciting location inside the well-known domestic enclave at Pasir Panjang”.
Chia anticipates need to come coming from the growth of the nearby wealth population together with the inclusion of current high-net-worth residents.
The Pasir Panjang Road location has an acreage of 16,379 sq ft as well as is zoned property usage with a gross plot ratio of 1.4. The occurring development includes a primary single-storey bungalow with several privies.
Silver Edge Investment Holdings earned the quote at $475,000 over the guide cost of $18 million, converting to a land rate of $1,128 psf.
“The residence is tactically set up within rich greenery with very easy access to West Coast Park, Southern Ridges plus other environment-friendly spaces along the upcoming Greater Southern Waterfront,” claims Mary Sai, executive director of funding markets at Knight Frank Singapore.
Other domestic proposals in Silver Edge Investment’s pipeline include two separated homes on 52 Wilkinson Road and a solo detached home at 37 Poole Road, both of these scheduled for finalization by the end of 2022.
The tender exercise was released on Sept 15 and also closed on Oct 13.