Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The building rests on a 7,300 sq ft plot and has a gross flooring location (GFA) of 8,300 sq ft. The requesting cost translates to a land price of $917 psf per plot ratio, including project costs, says Delasa. “At this price, a developer may presume to break-even at around $1,800 psf, based on approvals from the authorities,” states Karamjit Singh, CEO of Delasa.
He includes that this makes the redevelopment chances for the site much more appealing for developers or financiers to capitalise on the tight rental market. The area could be redeveloped right into a condominium development with 22 units with a standard dimension of 915 sq ft, states Singh.
According to a notice by the advertising agent, the estate apartment is being marketed by a family-owned business which developed the property, Kartar Apartments, in the 1980s.
According to the press launch, this construction has originally been put up for sale in November 2021 with a requesting value of $18 million. An investor initially exercised the option to acquire the building that month, yet might not complete the order due to financing issues.
The site is zoned “domestic” under the most up to date Master Plan with an allowable plot rate of 2.8. This leads to a potential GFA of 20,400 sq ft, based on endorsements.
The structure has to do with 300m from United Square Shopping Mall and also is also near Novena MRT Terminal on the North-South Line.
“While doing so, the purchaser had actually obtained a suggestions from the Urban Redevelopment Authority in response to a provisionary approval application supporting the redevelopment of the plot into a serviced condo property,” states Singh.
A four-storey apartment at 41 & 43 Thomson Roadway has actually been put up for sale by exclusive treaty with a demanding rate of $18.5 million. The property is marketed by residential property consultancy Delasa.
