Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
It is located alongside lots of personal residences, and is in just walking range of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are actually a short travel away.
“This real estate received keen interest from potential buyers looking for a palatable-sized redevelopment chance with superb locational characteristics,” says Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The potential for redevelopment into homes or landed residences was a primary draw, she includes.
More property plans in Silver Edge Investment’s pipe include two detached homes on 52 Wilkinson Road also an one detached home at 37 Poole Road, both scheduled for completion by the end of 2022.
Chia anticipates need to come from the growth of the neighborhood wealth community including the addition of current high-net-worth residents.
A property residential redevelopment spot on 303 as well as 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the deal.
Silver Edge Investment Holdings gained the quote at $475,000 above the guide price of $18 million, converting to a land price of $1,128 psf.
Silver Edge Investment prepares to redevelop the area into specific niche ground houses, according to its supervising associate Christopher Tong. He assumes the potential houses at the site to attract house buyers that intend “reside in an impressive area inside the well-known household enclave at Pasir Panjang”.
“The residential property is strategically set up within rich greenery with effortless accessibility to West Coast Park, Southern Ridges and various other environment-friendly places around the upcoming Greater Southern Waterfront,” claims Mary Sai, managing supervisor of capital markets at Knight Frank Singapore.
Silver Edge Investment, a high-end residence developer, was built in 2017 and presently has $50 million value of plans within its own pipeline.
The Pasir Panjang Road location has an acreage of 16,379 sq ft as well as is zoned residential usage with a gross plot rate of 1.4. The existing development consists of a main single-storey bungalow with numerous outhouses.
The tender exercise was released on Sept 15 and closed on Oct 13.