Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjacent locations at 97 and Ninety Nine Still Rd and also Hundred and Thirty-seven Koon Seng Rd have actually been offered by bidding beside a joined together advice value of $Twenty One million, broadcast exclusive promotion realtor CBRE.
This turns out to about $9hundred 60 per sq foot per plot ratio, “subject to approval of development charges due on combination of the 2 locations”.
Ninety Seven & Ninety Nine Still Road is taken up by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Road place a two level non commercial building utilized being a laborers’ accommodation along with Malacca Hotel’s administrative office.
Being advertised as a package, both plots are conveniently positioned on the crossroads of Koon Seng Rd and Still Rd. The spot come with a whole surface area of more or less 14,661 square ft and are sector for housing use under the 2K19 Master Plan with a plot ratio of 1.4.
The building is a 15 min trip to each of the CBD and also Orchard Rd, alongside proximate schools including Tao Nan School together with Convent of the Holy Infant Jesus Katong Primary.
CBRE Htls Associate Director Teo Junrong claimed the residence shows “a scarce yet well-timed venture for investors to take advantage of the Katong/ Joo Chiat’s rejuvenation, as housing assets in this part of S’pore have stayed securely stored over the years”.
“Our experts are favorable of the area’s beauty, as first enquiries with Urban Redevelopment Authority showed the fact that there will likely get marginal development costs, which will become a substantial benefit point for developers striving to intensify or restore their landbank,” he revealed.
“Investors may take into consideration both to retain the present usage or to reconstruct the plot to house a boutique household non-landed property. There is also the opportunity of changing the spot toward a special co-living building by having a mix of short lodge and also long stay lodging,” further mentioned Junrong.
The bid for both areas ceases on 24Mar.