Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining spots at Ninety Seven and 99 Still Rd and Hundred and Thirty-seven Koon Seng Rd have gotten offered by using bidding settting a paired minimum quote of $21 mil, broadcast exclusive promoting and marketing professional Coldwell Banker Richard Ellis.
The calculation figures out to more or less $960 psf per plot ratio, “based on confirmation of development costs payable on cooperate of both areas”.
Ninety Seven & 99 Still Rd is taken up by 29-room Malacca Hotel, while 137 Koon Seng Rd stands a 2 floor residence block operated being an employees’ dormitory along with Malacca Htl’s administrative business office.
To be advertised as a group, both plots are tactically located on the crossroads of Koon Seng Rd and Still Road. They come with a whole surface area of around 14,661 square ft and stay sector for household utilization under the 2019 Master Plan with a land ratio of 1.4.
The estate stands a 15 min ride to both the CBD including Orchard Rd, alongside nearby schools such as Tao Nan School along with Convent of the Holy Infant Jesus Katong Primary.
Coldwell Banker Richard Ellis Hotels Asso Director Teo Junrong stated the house introduces “a scarce yet well-timed chance for investors to maximize the Katong/ Joo Chiat’s rejuvenation, as housing properties within this section of SGP have stood tightly stored over the yrs”.
“We are hopeful of the spot’s elegance, as first questionings with URA pointed out that there will probably be low development costs, which in turn are going to become a big bonus element for developers striving to grow or supply their landbank,” he reported.
“Financiers may consider a choice between to maintain the existing utilization or to reconstruct the site to adapt a boutique domestic non-landed project. There is likewise the option of turning the area into an one-of-a-kind co-living product by having a mix of short visit plus stretched lodge room,” included Junrong.
The offer for both plots closes on 24Mar.