Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment intends to redevelop the location into particular niche ground residences, according to its supervising associate Christopher Tong. He assumes the prospective residences at the area to interest home buyers who desire “live in an exciting location inside the well established residential enclave at Pasir Panjang”.
A freehold household 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 agreement.
“The residential property is strategically set within lavish plant with very easy access to West Coast Park, Southern Ridges and other environment-friendly locations along the upcoming Greater Southern Waterfront,” claims Mary Sai, executive director of funding markets at Knight Frank Singapore.
“This property obtained eager interest from possible buyers looking for a palatable-sized redevelopment possibility with excellent locational characteristics,” says Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The possibility for redevelopment right into houses or landed homes was a main draw, she incorporates.
Klimt Cairnhill showflat location
Silver Edge Investment Holdings gained the bid at $475,000 on top of the guide rate of $18 million, equating to a land price of $1,128 psf.
Silver Edge Investment, a deluxe home property developer, was developed in 2017 and also currently has $50 million value of plans in its own pipe.
Some other residential plans in Silver Edge Investment’s pipe include two detached homes on 52 Wilkinson Road and an one detached bungalow at 37 Poole Road, each arranged for finalization lattermost of 2022.
It lies next to numerous private homes, and is in just strolling proximity of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are a short ride away.
The Pasir Panjang Road location has an acreage of 16,379 sq ft and is zoned domestic use with a gross plot ratio of 1.4. The existing development consists of a primary single-storey bungalow with numerous outhouses.
Chia expects demand to come from the growth of the neighborhood wealth people including the addition of latest high-net-worth locals.
The tender exercise was introduced on Sept 15 and also closed on Oct 13.
