Freehold residential site in Pasir Panjang up for sale at $18 mil
The building’s legitimate title is held by a solo household. Chia feature that this offers a possibility for prompt redevelopment, without having the requirement to experience the uncertainties of a shared sale. She anticipates eager interest in the tender provided the location’s palatable price quantum, quick turnaround time as well as critical area.
The guide price is around $1,099 psf accorded to the land area. For a proposed redevelopment of the spot as much as the gross plot ratio of 1.4, the land rate works out to about $1,308 psf per plot ratio, providing the land betterment cost, claims Knight Frank Singapore.
Gloria Mansion, a 12-storey freehold property making up 31 condominiums, was marketed en bloc for $70.3 million to Fraxtor Capital and a group led by the family firms of Daniel Teo and Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit property apartment, was offered en masse for $371 million ($ 1,355 psf ppr) to a mutual investing involving Hoi Hup Real Estate and Sunway Developments in September 2021.
Mary Sai, Knight Frank Singapore’s managing director, resources markets, states the sale of close-by developments Gloria Mansion and Flynn Park in the recent months has stimulated interest in the location. “With the Greater Southern Beachfront improvement intend on the border, this listing is an exciting possibility for investors as well as home owners,” she incorporates.
Zoned for home utilization under the URA 2019 Master Plan, the place has a gross plot ratio of 1.4, which equates to a maximum gross floor area of roughly 23,000 sq ft. It has a broad 43m front view along Pasir Panjang Road.
” The property has the potential to be redeveloped right into probably a store property development making up 21 units with an ordinary size of 1,076 sq ft, or landed houses such as bungalows, semi-detached or patio homes, subject to permission from the relevant experts,” says Chia. She includes that the site would interest big multi-generational or extended family groups seeking to construct a brand-new house.
Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft spot, which at present houses a single-storey home with several outhouses, is ideal for redevelopment.
A property household site on Pasir Panjang Road is up for profit by tender with a measure rate “over of $18 million”, says promotion and marketing agent Knight Frank Singapore.
The building is about 500m far away from the Haw Par Villa MRT Terminal on the Circle Line. It is likewise within 2km of the National University of Singapore as well as National University Hospital.
The tender will close on Oct 13 at 3pm.