Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Chia anticipates demand to follow directly from the expansion of the regional riches people including the extra of new high-net-worth locals.
Silver Edge Investment plans to redevelop the location into specific niche landed residences, according to its supervising affiliate Christopher Tong. He presumes the future homes at the area to interest residence purchasers that aspire to “live in an exciting place inside the well-known property enclave at Pasir Panjang”.
Silver Edge Investment, a deluxe residence property developer, was established in 2017 and currently has $50 million value of plans within its own pipe.
Silver Edge Investment Holdings earned the proposal at $475,000 on top of the overview fee of $18 million, translating to a land rate of $1,128 psf.
The Pasir Panjang Road site has a land area of 16,379 sq ft and is zoned household use with a gross plot ratio of 1.4. The occurring project contains a primary single-storey bungalow with several outhouses.
“The residence is strategically set within rich greenery with very easy accessibility to West Coast Park, Southern Ridges and other environment-friendly locations around the upcoming Greater Southern Waterfront,” says Mary Sai, executive director of financing markets at Knight Frank Singapore.
“This property obtained keen interest from possible purchasers trying to find a palatable-sized redevelopment chance with superb locational attributes,” claims Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The possibility for redevelopment into homes or property homes was a main draw, she adds.
A freehold household redevelopment spot on 303 and 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the deal.
Other residential plans in Silver Edge Investment’s pipeline include two separated homes on 52 Wilkinson Road also a solo separated bungalow at 37 Poole Road, both scheduled for completion by the end of 2022.
It is located alongside numerous personal houses, furthermore is within walking proximity of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are actually a quick travel away.
The tender exercise was launched on Sept 15 and sealed on Oct 13.