Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
A property domestic redevelopment spot on 303 and 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which brokered the agreement.
“This real estate received eager interest from possible purchasers trying to find a palatable-sized redevelopment possibility with superb locational attributes,” claims Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The possibility for redevelopment into apartments or landed houses was a main draw, she adds.
Silver Edge Investment Holdings won the quote at $475,000 over the overview fee of $18 million, translating to a land price of $1,128 psf.
Chia expects demand to come directly from the expansion of the nearby riches people including the extra of new high-net-worth residents.
Silver Edge Investment prepares to redevelop the site right into specific niche landed houses, according to its handling affiliate Christopher Tong. He assumes the future houses at the place to interest residence buyers who aspire to “live in an impressive area inside the well established residential enclave at Pasir Panjang”.
“The property is tactically established within rich plant with effortless access to West Coast Park, Southern Ridges along with various other environment-friendly spaces along the upcoming Greater Southern Waterfront,” says Mary Sai, executive director of capital markets at Knight Frank Singapore.
Silver Edge Investment, a luxury home developer, was established in 2017 and currently has $50 million value of plans within its pipe.
Other domestic plans in Silver Edge Investment’s pipeline feature two detached bungalows on 52 Wilkinson Road and a single detached bungalow at 37 Poole Road, both set up for finalization lattermost of 2022.
It lies alongside numerous private residences, and is just within strolling range of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are actually a brief travel away.
The Pasir Panjang Road location has a land area of 16,379 sq ft and also is zoned household use with a gross plot rate of 1.4. The occurring property development contains a main single-storey bungalow with a number of privies.
The tender exercise was launched on Sept 15 and sealed on Oct 13.
