Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been sold by exclusive treaty with an asking cost of $18.5 million. The property is marketed by residential property consultancy Delasa.
The building has to do with 300m from United Square Mall and also is additionally close to Novena MRT Station on the North-South Line.
The property sits on a 7,300 sq ft plot as well as has a gross flooring area (GFA) of 8,300 sq ft. The asking value translates to a land price of $917 psf per plot ratio, including project charges, states Delasa. “At this cost, a builder may anticipate to break-even at around $1,800 psf, based on approvals from the authorities,” says Karamjit Singh, CEO of Delasa.
According to the press launch, this project has initially been put up for sale in November 2021 with a requesting price of $18 million. A homebuyer originally set the choice to buy the building that month, however can not complete the investment because of funding issues.
The site is zoned “domestic” under the current Master Plan with a permitted plot rate of 2.8. This results in a possible GFA of 20,400 sq ft, subject to approvals.
According to an announcement by the marketing representative, the property apartment is being marketed by a family-owned company which constructed the property, Kartar Apartments, in the 1980s.
He includes that this establishes the redevelopment chances for the site a lot more attractive for property developers or financiers to capitalise on the limited rental market. The location could be redeveloped into a flat property with 22 units with a typical dimension of 915 sq ft, says Singh.
“While doing so, the buyer had acquired an advice from the Urban Redevelopment Authority in feedback to a provisionary authorization application helping the redevelopment of the plot right into a serviced condominium project,” claims Singh.
