Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
A four-storey apartment at 41 & 43 Thomson Roadway has been put up for sale by personal treaty with a demanding rate of $18.5 million. The residential property is marketed by property consultancy Delasa.
The residential property sits on a 7,300 sq ft plot and also has a gross flooring location (GFA) of 8,300 sq ft. The asking price equate to a land price of $917 psf per plot ratio, including project charges, claims Delasa. “At this value, a builder might expect to break-even at around $1,800 psf, based on approvals from the authorities,” claims Karamjit Singh, Chief Executive Officer of Delasa.
The building has to do with 300m from United Square Mall and is likewise near Novena MRT Terminal on the North-South Line.
“In the process, the consumer had obtained a recommendations from the Urban Redevelopment Authority in reaction to a provisional authorization application helping the redevelopment of the plot right into a serviced apartment development,” states Singh.
According to the press release, this development has actually at first been offered in November 2021 with an asking cost of $18 million. A purchaser originally exercised the choice to buy the building that month, yet can not finish the transaction as a result of financing concerns.
According to a notice by the marketing agent, the estate flats is being offered by a family-owned firm which built the structure, Kartar Apartments, in the 1980s.
The site is zoned “residential” under the latest Master Plan with an allowable plot ratio of 2.8. This causes a prospective GFA of 20,400 sq ft, based on confirmations.
He adds that this establishes the redevelopment opportunities for the place much more eye-catching for developers or capitalists to capitalise on the limited rental market. The site could be redeveloped into a residence development with 22 units with a standard size of 915 sq ft, states Singh.