Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Chia anticipates demand to follow from the development of the regional wealth community together with the inclusion of new high-net-worth people.
An estate household redevelopment spot on 303 and also 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to a news release on Oct 20 from Knight Frank, which serviced the offer.
The Pasir Panjang Road site has a land area of 16,379 sq ft and is zoned residential use with a gross plot ratio of 1.4. The occurring project consists of a major single-storey bungalow with a number of privies.
“The real estate is purposefully set within rich greenery with effortless access to West Coast Park, Southern Ridges along with other environment-friendly spaces around the upcoming Greater Southern Waterfront,” claims Mary Sai, managing director of capital markets at Knight Frank Singapore.
Silver Edge Investment, a deluxe house property developer, was built in 2017 and also presently has $50 million value of work within its pipeline.
It lies next to many private houses, and is within strolling range of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are actually a brief drive away.
“This estate obtained keen interest from possible purchasers looking for a palatable-sized redevelopment possibility with superb locational qualities,” states Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The potential for redevelopment right into apartments or landed homes was a main draw, she adds.
More property plans in Silver Edge Investment’s pipe feature 2 removed bungalows on 52 Wilkinson Road also an one removed home at 37 Poole Road, each scheduled for finish at the end of 2022.
Silver Edge Investment intends to redevelop the site right into niche ground homes, according to its supervising partner Christopher Tong. He expects the prospective residences at the area to interest home purchasers who intend “reside in an exciting locale inside the recognized domestic territory at Pasir Panjang”.
Silver Edge Investment Holdings gained the quote at $475,000 over the guide rate of $18 million, translating to a land price of $1,128 psf.
The tender exercise was launched on Sept 15 and shut off on Oct 13.