Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
An estate household redevelopment site on 303 and 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the offer.
Silver Edge Investment plans to redevelop the site right into particular niche ground homes, according to its supervising associate Christopher Tong. He anticipates the prospective homes at the place to attract home investors that desire “stay in an amazing place within the well established domestic enclave at Pasir Panjang”.
More property projects in Silver Edge Investment’s pipe consist of two detached bungalows on 52 Wilkinson Road and even a solo separated bungalow at 37 Poole Road, each scheduled for finalization at the end of 2022.
“This real estate received eager interest from potential buyers trying to find a palatable-sized redevelopment opportunity with excellent locational features,” states Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The possibility for redevelopment right into houses or property residences was a main draw, she incorporates.
Silver Edge Investment Holdings earned the proposal at $475,000 on top of the overview rate of $18 million, equating to a land price of $1,128 psf.
“The residential property is strategically set up within lavish greenery with very easy accessibility to West Coast Park, Southern Ridges plus various other green spaces around the upcoming Greater Southern Waterfront,” states Mary Sai, executive supervisor of capital markets at Knight Frank Singapore.
The Pasir Panjang Road location has an acreage of 16,379 sq ft and is zoned domestic use with a gross plot ratio of 1.4. The occurring development contains a major single-storey bungalow with numerous outhouses.
It stands beside many exclusive houses, furthermore is within walking distance of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are actually a short drive away.
Chia expects need to come coming from the development of the regional wealth people and the extra of current high-net-worth citizens.
Silver Edge Investment, a high-end residence developer, was built in 2017 and presently has $50 million value of projects in its pipe.
The tender exercise was launched on Sept 15 and shut off on Oct 13.