Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The structure has to do with 300m from United Square Mall and also is also close to Novena MRT Station on the North-South Line.
According to an announcement by the advertising agent, the freehold apartment is being sold by a family-owned firm which built the property, Kartar Apartments, in the 1980s.
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been sold by personal treaty with a demanding rate of $18.5 million. The property is marketed by residential property consultancy Delasa.
The place is zoned “household” under the most up to date Master Plan with an allowed plot rate of 2.8. This leads to a potential GFA of 20,400 sq ft, subject to confirmations.
According to the press release, this construction has actually originally been offered in November 2021 with a seeking cost of $18 million. A homebuyer originally set the option to purchase the residential property that month, yet could not complete the purchase as a result of funding problems.
The residential property rests on a 7,300 sq ft plot and also has a gross floor location (GFA) of 8,300 sq ft. The requesting rate equate to a land rate of $917 psf per plot ratio, including development charges, claims Delasa. “At this price, a builder may presume to break-even at around $1,800 psf, based on approvals from the authorities,” says Karamjit Singh, CEO of Delasa.
“In the process, the buyer had gotten a guidance from the Urban Redevelopment Authority in action to a provisional authorization application helping the redevelopment of the plot into a serviced condo project,” says Singh.
He includes that this makes the redevelopment possibilities for the area a lot more eye-catching for developers or capitalists to capitalise on the tight rental market. The place could be redeveloped into an apartment development with 22 units with an average size of 915 sq ft, says Singh.