Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent plots at 97 and 99 Still Road and Hundred and Thirty-seven Koon Seng Rd have actually gotten placed in the market by using offer amidst a total minimum price of $Twenty One mil, exposed special advertising and marketing agent CBRE.
This works out towards approximately $9hundred 60 psf per plot ratio, “subject to approval of development expenses payable on merger of both sites”.
97 & 99 Still Rd is occupied by 29-room Malacca Htl, while 137 Koon Seng Road place a 2 storey household building used being an employees’ quarters and also Malacca Hotel’s official department.
To be retailed as a group, the two spots are tactically standing at the junction of Koon Seng Road and Still Rd. The sites feature a complete stretch of about 14.661K square foot furthermore are zoned for domestic usage in the 2K19 Master Plan with a pr of 1.4.
The estate stands a 15-minute trip to both the CBD along with Orchard Road, alongside convenient schools including TNS along with Convent of the Holy Infant Jesus Katong Primary.
Coldwell Banker Richard Ellis Hotels Asso Dir Teo Junrong mentioned the land presents “a uncommon and yet well timed opportunity for real estate investors to capitalize on the Katong/ Joo Chiat’s revival, as housing investments in this particular section of SGP have actually stayed firmly maintained beyond the years”.
“Our people are optimistic of the area’s attractiveness, as preliminary questionings with URA specified the fact that there are going to get minimal development costs, which in turn will definitely become a great perk point for developers looking for to boost or reload their landbank,” he mentioned.
“Capitalists can certainly contemplate both to retain the existing purpose or to reconstruct the spot to accommodate a boutique housing non-landed project. There is similarly the option of changing the plot into an unique shared living product with a blend of short lodge plus much longer visit accommodation,” further mentioned Teo.
The offer for the two areas closes on 24March.