Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining spots at 97 plus 99 Still Road along with 137 Koon Seng Road have been put up for sale over offer amidst a total advice rate of $21 million, exposed restricted marketing and advertising rep CBRE.
This figures out to around $Nine hundred Sixty per square ft ppr, “based on consent of development charges due on merger of both spots”.
97 & Ninety Nine Still Rd is inhabited by 29-room Malacca Hotel, while 137 Koon Seng Rd stands a 2 storey domestic building used being a workers’ housing as well as Malacca Hotel’s management office.
To be retailed as a bundle, both areas are purposefully located on the junction of Koon Seng Road and Still Rd. The location have a whole measurement of around 14.661K square ft and are zoned for non commercial benefit under the 2K19 Master Plan with a pr of 1.4.
The residence stands a 15 min commute to both of the CBD and also Orchard Rd, with close-by educational institutes consisting of TNS along with CHIJ Katong Pri.
Coldwell Banker Richard Ellis Hotels Associate Director Teo Junrong announced the building creates “a well-timed but uncommon opportunity for financiers to maximize the Katong/ Joo Chiat’s revitalisation, as property resources in this particular area of S’pore have certainly gotten closely held beyond the years”.
“Our team are optimistic of the spot’s appeal, as first queries with URA indicated that there will get low development expenses, which will be a great bonus point for developers pursuing to multiply or supply their landbank,” Junrong announced.
“Real estate investors are able to contemplate a choice between to keep the existing utilization or to rebuild the plot to suit a boutique residence non-landed property. There is similarly the choice of changing the spot toward a special shared living product by having a merge of short stay and also extensive stay accommodation,” continued Teo.
The bid for the 2 grounds ceases on 24 March.