Freehold residential site in Pasir Panjang up for sale at $18 mil
A property household site on Pasir Panjang Road is up for purchase by tender with an indicative cost “over of $18 million”, says marketing broker Knight Frank Singapore.
The overview rate is near $1,099 psf based on the land area. For a suggested redevelopment of the spot up to the gross plot ratio of 1.4, the land price works out to around $1,308 psf per plot ratio, including the land improvement cost, states Knight Frank Singapore.
The building is about 500m outside the Haw Par Villa MRT Terminal on the Circle Line. It is also within 2km of the National University of Singapore as well as National University Hospital.
Mary Sai, Knight Frank Singapore’s corporate director, resources markets, states the sale of neighboring developments Gloria Mansion and Flynn Park in the last months has actually spurred interest in the place. “With the Greater Southern Beachfront improvement plan on the horizon, this site is an interesting chance for capitalists as well as homeowners,” she adds.
Gloria Mansion, a 12-storey estate residence property comprising 31 apartments, was sold en bloc for $70.3 million to Fraxtor Capital and also a group led by the family offices of Daniel Teo as well as Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit property condo, was offered en bloc for $371 million ($ 1,355 psf ppr) to a joint investing amongst Hoi Hup Real Estate and also Sunway Developments in September 2021.
Zoned for household use under the URA 2019 Master Plan, the place has a gross plot ratio of 1.4, which equates to an optimum gross flooring area of almost 23,000 sq ft. It has a vast 43m front along Pasir Panjang Roadway.
” The home has the possible to be redeveloped right into either a store housing property making up 21 units with an average proportions of 1,076 sq ft, or landed houses such as bungalows, semi-detached or terrace homes, subject to permission from the relevant experts,” says Chia. She adds that the area would attract large multi-generational or extended families aiming to develop a brand-new home.
Chia Mein Mein, manager of funding markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft spot, which already houses a single-storey home with numerous outhouses, is ideal for redevelopment.
The ability’s legitimate title is held by a solo family members. Chia highlights that this provides a possibility for immediate redevelopment, without the demand to undergo the unpredictabilities of a cumulative sale. She anticipates keen attention in the tender offered the location’s palatable value quantum, fast turnaround time and strategic location.
The tender will close on Oct 13 at 3pm.