Freehold residential site in Pasir Panjang up for sale at $18 mil
The building’s legitimate title is held by a solo family. Chia highlights that this offers a possibility for instant redevelopment, without the demand to experience the unpredictabilities of a collective sale. She expects keen attention in the tender offered the location’s palatable rate quantum, rapid turnaround time as well as tactical place.
The real estate is about 500m away from the Haw Par Villa MRT Terminal on the Circle Line. It is also inside 2km of the National University of Singapore and also National University Hospital.
The overview price is near $1,099 psf based upon the land area. For a recommended redevelopment of the site up to the gross plot ratio of 1.4, the land price exercises to around $1,308 psf per plot ratio, featuring the land improvement cost, claims Knight Frank Singapore.
Chia Mein Mein, head of funding markets (land and collective sale) at Knight Frank Singapore, marks that the 16,379 sq ft spot, which presently houses a single-storey home with a number of outhouses, is perfect for redevelopment.
” The building has the potential to be redeveloped right into probably a boutique residential development making up 21 units with a typical proportions of 1,076 sq ft, or landed homes such as bungalows, semi-detached or porch residences, subject to confirmation from the appropriate authorities,” says Chia. She includes that the area would certainly entice large multi-generational or extended households seeking to develop a new house.
Mary Sai, Knight Frank Singapore’s corporate supervisor, capital markets, states the sale of neighboring developments Gloria Mansion and Flynn Park in the recent months has propelled interest in the area. “With the Greater Southern Waterfront improvement intend on the border, this listing is an amazing possibility for investors as well as property owners,” she includes.
Zoned for household utilization under the URA 2019 Master Plan, the place has a great plot ratio of 1.4, which translates to an utmost gross floor location of almost 23,000 sq ft. It has a wide 43m frontage along Pasir Panjang Roadway.
A freehold property site on Pasir Panjang Roadway is up for purchase by tender with an indicative price “in excess of $18 million”, claims marketing broker Knight Frank Singapore.
Gloria Mansion, a 12-storey property residence property making up 31 homes, was marketed en bloc for $70.3 million to Fraxtor Capital and a group led by the household firms of Daniel Teo as well as Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit estate condominium, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a mutual business venture amongst Hoi Hup Realty and Sunway Developments in September 2021.
The tender will close on Oct 13 at 3pm.
