Freehold residential site in Pasir Panjang up for sale at $18 mil

A property household site on Pasir Panjang Road is up for deal by tender with a measure cost “over of $18 million”, claims promotion and marketing representative Knight Frank Singapore.

Zoned for property use under the URA 2019 Master Plan, the place has a great plot ratio of 1.4, which translates to a maximum gross floor location of nearly 23,000 sq ft. It has a large 43m front view along Pasir Panjang Road.

The real property’s legitimate title is held by a single family members. Chia highlights that this presents an opportunity for immediate redevelopment, without having the need to go through the uncertainties of a cumulative sale. She anticipates eager interest in the tender provided the location’s attractive rate quantum, quick turnaround time as well as calculated place.

Mary Sai, Knight Frank Singapore’s corporate director, resources markets, claims the sale of close-by developments Gloria Mansion as well as Flynn Park in the previous months has spurred interest in the location. “With the Greater Southern Waterside makeover intend on the boundary, this site is an interesting opportunity for capitalists as well as property owners,” she includes.

The guide rate is approximately $1,099 psf based upon the acreage. For a proposed redevelopment of the place up to the gross plot ratio of 1.4, the land rate exercises to approximately $1,308 psf per plot ratio, including the land enhancement fee, says Knight Frank Singapore.

Klimt Cairnhill condominium

Chia Mein Mein, manager of funding 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 numerous privies, is ideal for redevelopment.

” The home has the potential to be redeveloped into either a boutique property project consisting of 21 units with an average measurements of 1,076 sq ft, or landed homes such as bungalows, semi-detached or balcony homes, subject to permission from the pertinent experts,” claims Chia. She adds that the location would certainly appeal to large multi-generational or extended families looking to construct a brand-new residence.

The residential property is about 500m away from the Haw Par Villa MRT Station on the Circle Line. It is additionally just within 2km of the National University of Singapore and also National University Hospital.

Gloria Mansion, a 12-storey freehold household property making up 31 houses, was offered en bloc for $70.3 million to Fraxtor Capital and a team led by the household workplaces of Daniel Teo as well as Teo Teck Weng in January. At The Same Time, Flynn Park, a 72-unit property condominium, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a joint investing among Hoi Hup Real Estate as well as Sunway Developments in September 2021.

The tender will close on Oct 13 at 3pm.

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