Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The building is about 300m from United Square Shopping Center and also is additionally close to Novena MRT Terminal on the North-South Line.
According to a notice by the advertising representative, the freehold flats is being offered by a family-owned company which developed the project, Kartar Apartments, in the 1980s.
“At the same time, the buyer had actually obtained an advice from the Urban Redevelopment Authority in reaction to a provisionary approval application sustaining the redevelopment of the plot right into a serviced flat development,” states Singh.
The property sits on a 7,300 sq ft plot and also has a gross flooring area (GFA) of 8,300 sq ft. The asking cost translates to a land price of $917 psf per plot ratio, including project fees, states Delasa. “At this cost, a developer might expect to break-even at around $1,800 psf, subject to approvals from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
A four-storey apartment at 41 & 43 Thomson Road has been put up for sale by private treaty with a demanding rate of $18.5 million. The residential property is marketed by building consultancy Delasa.
The site is zoned “property” under the current Master Plan with an allowable plot ratio of 2.8. This results in a potential GFA of 20,400 sq ft, subject to authorizations.
He includes that this makes the redevelopment chances for the area a lot more appealing for property developers or brokers to capitalise on the limited rental market. The place could be redeveloped into a residence project with 22 units with a typical size of 915 sq ft, states Singh.
According to the press release, this project has at first been offered in November 2021 with a seeking cost of $18 million. An investor at first exercised the choice to purchase the real estate that month, however might not finish the acquisition because of financing concerns.
