Freehold residential site in Pasir Panjang up for sale at $18 mil
The real estate is about 500m away from the Haw Par Villa MRT Terminal on the Circle Line. It is likewise just within 2km of the National University of Singapore and also National University Hospital.
The real property’s legitimate title is held by an one household. Chia emphasize that this presents an opportunity for instant redevelopment, without having the demand to experience the unpredictabilities of a shared sale. She expects eager interest in the tender provided the location’s palatable rate quantum, quick turnaround time and strategic place.
A freehold household location on Pasir Panjang Roadway is up for purchase by tender with a sign cost “in excess of $18 million”, claims promotion and marketing broker Knight Frank Singapore.
The guide rate is approximately $1,099 psf based upon the land area. For a suggested redevelopment of the place as much as the gross plot ratio of 1.4, the land price works out to roughly $1,308 psf per plot ratio, including the land betterment cost, says Knight Frank Singapore.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft location, which already houses a single-storey bungalow with numerous outhouses, is perfect for redevelopment.
Zoned for home use under the URA 2019 Master Plan, the site has a gross plot ratio of 1.4, which equates to an optimum gross flooring location of roughly 23,000 sq ft. It has a vast 43m front along Pasir Panjang Road.
” The residential property has the potential to be redeveloped right into possibly a store property development consisting of 21 units with an average size of 1,076 sq ft, or landed homes such as bungalows, semi-detached or porch houses, subject to permission from the relevant authorities,” claims Chia. She adds that the area would attract huge multi-generational or extended family groups aiming to construct a brand-new residence.
Mary Sai, Knight Frank Singapore’s managing director, capital markets, says the purchase of close-by projects Gloria Mansion as well as Flynn Park in the recent months has stimulated interest in the place. “With the Greater Southern Waterside change plan on the border, this posting is an interesting possibility for financiers and homeowners,” she incorporates.
Gloria Mansion, a 12-storey property residential project consisting of 31 homes, was marketed en masse for $70.3 million to Fraxtor Capital as well as a group led by the family firms of Daniel Teo and Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit estate condo, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a mutual investing among Hoi Hup Real Estate as well as Sunway Developments in September 2021.
The tender will close on Oct 13 at 3pm.
