Freehold residential site in Pasir Panjang up for sale at $18 mil
The guide rate is almost $1,099 psf based upon the land area. For a suggested redevelopment of the site as much as the gross plot ratio of 1.4, the land rate exercises to approximately $1,308 psf per plot ratio, including the land improvement charge, claims Knight Frank Singapore.
A property residential site on Pasir Panjang Road is up for deal by tender with a sign price “over of $18 million”, states advertising broker Knight Frank Singapore.
Mary Sai, Knight Frank Singapore’s corporate supervisor, capital markets, claims the sale of close-by projects Gloria Mansion and also Flynn Park in the past months has stimulated interest in the place. “With the Greater Southern Beachfront makeover intend on the boundary, this posting is an exciting opportunity for financiers and also home owners,” she includes.
” The residential property has the possible to be redeveloped into probably a shop home project consisting of 21 units with a typical proportions of 1,076 sq ft, or landed residential properties such as bungalows, semi-detached or terrace houses, based on approval from the pertinent experts,” says Chia. She includes that the place would interest huge multi-generational or extended family members looking to build a brand-new house.
Zoned for property usage under the URA 2019 Master Plan, the site has a great plot ratio of 1.4, which converts to a total gross flooring area of almost 23,000 sq ft. It has a vast 43m front along Pasir Panjang Roadway.
Chia Mein Mein, manager of funding markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft site, which presently houses a single-storey home with a number of outhouses, is ideal for redevelopment.
The building is about 500m outside the Haw Par Villa MRT Station on the Circle Line. It is additionally just within 2km of the National University of Singapore and National University Hospital.
Gloria Mansion, a 12-storey estate residential property consisting of 31 apartments, was sold en masse for $70.3 million to Fraxtor Capital and a team led by the household firms of Daniel Teo and also Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit property apartment, was sold off en bloc for $371 million ($ 1,355 psf ppr) to a joint investing amongst Hoi Hup Real Estate and Sunway Developments in September 2021.
The real property’s legal title is held by a single household. Chia emphasize that this provides a chance for prompt redevelopment, in the absence of the demand to undergo the uncertainties of a collective sale. She prepares for eager attraction in the tender provided the site’s palatable value quantum, fast turnaround time and critical area.
The tender will close on Oct 13 at 3pm.