Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The residential property remains on a 7,300 sq ft plot and also has a gross floor area (GFA) of 8,300 sq ft. The requesting rate translates to a land rate of $917 psf per plot ratio, involving property costs, claims Delasa. “At this price, a developer might anticipate to break-even at around $1,800 psf, based on approvals from the authorities,” states Karamjit Singh, CEO of Delasa.
“In the process, the buyer had gotten a recommendations from the Urban Redevelopment Authority in action to a provisionary consent application helping the redevelopment of the plot into a serviced flat development,” says Singh.
A four-storey apartment at 41 & 43 Thomson Roadway has been put up for sale by private treaty with a demanding rate of $18.5 million. The residential property is marketed by residential property consultancy Delasa.
According to the press launch, this construction has initially been offered in November 2021 with a seeking deal of $18 million. A purchaser initially set the choice to buy the residential property that month, but might not complete the investment due to funding problems.
The building is about 300m from United Square Shopping Center and is likewise near Novena MRT Station on the North-South Line.
According to an announcement by the advertising representative, the estate high-rise apartment is being sold by a family-owned company which built the property, Kartar Apartments, in the 1980s.
He adds that this establishes the redevelopment opportunities for the area much more eye-catching for developers or brokers to capitalise on the limited rental market. The place could be redeveloped into a condominium property with 22 units with a typical dimension of 915 sq ft, claims Singh.
The area is zoned “property” under the most recent Master Plan with an allowed plot ratio of 2.8. This leads to a prospective GFA of 20,400 sq ft, subject to permissions.