Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
It lies alongside several exclusive residences, furthermore is just within strolling range 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 brief ride away.
Silver Edge Investment, a luxury house property developer, was established in 2017 and currently has $50 million worth of work in its pipe.
Other property projects in Silver Edge Investment’s pipeline consist of two detached homes on 52 Wilkinson Road and a single removed bungalow at 37 Poole Road, both of these scheduled for completion lattermost of 2022.
Chia expects demand to come directly from the expansion of the neighborhood wealth people together with the addition of latest high-net-worth citizens.
The Pasir Panjang Road site has a land area of 16,379 sq ft and is zoned property usage with a gross plot ratio of 1.4. The existing property development includes a primary single-storey bungalow with a number of privies.
A property residential redevelopment site on 303 as well as 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to a news release on Oct 20 from Knight Frank, which serviced the offer.
Silver Edge Investment Holdings earned the proposal at $475,000 above the overview price of $18 million, converting to a land price of $1,128 psf.
“The property is purposefully set within lavish plant with easy access to West Coast Park, Southern Ridges along with various other green places near the upcoming Greater Southern Waterfront,” says Mary Sai, executive director of capital markets at Knight Frank Singapore.
“This residential property received eager interest from possible buyers trying to find a palatable-sized redevelopment opportunity with superb locational attributes,” claims Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The potential for redevelopment right into homes or property residences was a primary draw, she incorporates.
Silver Edge Investment prepares to redevelop the site into particular niche landed houses, according to its supervising associate Christopher Tong. He anticipates the prospective homes at the area to appeal to residential property buyers that seek “stay in an amazing locale inside the established residential enclave at Pasir Panjang”.
The tender exercise was released on Sept 15 and closed on Oct 13.