Freehold residential site in Pasir Panjang up for sale at $18 mil
The property’s lawful title is held by an one family. Chia emphasize that this offers a chance for immediate redevelopment, in the absence of the demand to go through the unpredictabilities of a collective sale. She prepares for keen attraction in the tender provided the location’s attractive rate quantum, rapid turnaround time and calculated place.
Gloria Mansion, a 12-storey freehold household project comprising 31 flats, was marketed en bloc for $70.3 million to Fraxtor Capital and a team led by the household offices of Daniel Teo and also Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit property apartment, was sold off en masse for $371 million ($ 1,355 psf ppr) to a mutual venture involving Hoi Hup Real Estate as well as Sunway Developments in September 2021.
The property is about 500m far away from the Haw Par Villa MRT Terminal on the Circle Line. It is also within 2km of the National University of Singapore and National University Hospital.
The overview cost is around $1,099 psf based upon the land area. For a proposed redevelopment of the area approximately the gross plot ratio of 1.4, the land rate works out to approximately $1,308 psf per plot ratio, featuring the land betterment expense, claims Knight Frank Singapore.
Zoned for household usage under the URA 2019 Master Plan, the location has a great plot ratio of 1.4, which converts to a highest gross flooring location of almost 23,000 sq ft. It has a large 43m frontage along Pasir Panjang Roadway.
Mary Sai, Knight Frank Singapore’s executive supervisor, capital markets, says the purchase of nearby projects Gloria Mansion and also Flynn Park in the last months has propelled interest in the local area. “With the Greater Southern Waterfront improvement plan on the horizon, this site is an exciting chance for investors and homeowners,” she adds.
” The property has the prospective to be redeveloped right into possibly a boutique housing project comprising 21 units with an ordinary proportions of 1,076 sq ft, or landed dwellings such as bungalows, semi-detached or patio residences, based on authorization from the appropriate experts,” states Chia. She adds that the place would attract big multi-generational or extended family members seeking to develop a new residence.
A freehold property site on Pasir Panjang Road is up for profit by tender with an indicative cost “in excess of $18 million”, says promotion representative Knight Frank Singapore.
Chia Mein Mein, manager of resources markets (land and collective sale) at Knight Frank Singapore, indicates that the 16,379 sq ft site, which presently houses a single-storey bungalow with a number of outhouses, is ideal for redevelopment.
The tender will certainly close on Oct 13 at 3pm.