Freehold residential site in Pasir Panjang up for sale at $18 mil
The overview rate is approximately $1,099 psf based on the acreage. For a recommended redevelopment of the place as much as the gross plot ratio of 1.4, the land rate works out to approximately $1,308 psf per plot ratio, consisting of the land enhancement charge, says Knight Frank Singapore.
The residential property is about 500m away from the Haw Par Villa MRT Station on the Circle Line. It is additionally inside 2km of the National University of Singapore and National University Hospital.
Gloria Mansion, a 12-storey property project consisting of 31 condominiums, was offered en masse for $70.3 million to Fraxtor Capital as well as a team led by the family firms of Daniel Teo and Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit freehold condo, was offered en masse for $371 million ($ 1,355 psf ppr) to a shared business venture involving Hoi Hup Real Estate and Sunway Developments in September 2021.
” The real estate has the prospective to be redeveloped into probably a shop home development making up 21 units with a typical proportions of 1,076 sq ft, or landed homes such as bungalows, semi-detached or patio houses, subject to confirmation from the relevant authorities,” claims Chia. She adds that the place would certainly entice huge multi-generational or extended family groups seeking to develop a brand-new home.
The ability’s legitimate title is held by a single household. Chia feature that this offers a possibility for prompt redevelopment, without the demand to undergo the uncertainties of a collective sale. She expects keen attention in the tender provided the location’s attractive price quantum, fast turnaround time and also strategic area.
An estate property site on Pasir Panjang Road is up for purchase by tender with a measure cost “over of $18 million”, claims advertising broker Knight Frank Singapore.
Mary Sai, Knight Frank Singapore’s executive director, capital markets, states the purchase of neighboring buildings Gloria Mansion and also Flynn Park in the recent months has stimulated interest in the area. “With the Greater Southern Waterside transformation intend on the border, this site is an interesting chance for investors and also property owners,” she adds.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft site, which currently houses a single-storey home with numerous outhouses, is excellent for redevelopment.
Zoned for residential utilization under the URA 2019 Master Plan, the place has a great plot ratio of 1.4, which converts to an utmost gross floor area of nearly 23,000 sq ft. It has a broad 43m frontage along Pasir Panjang Road.
The tender will close on Oct 13 at 3pm.