Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
According to an announcement by the advertising representative, the freehold apartment is being sold by a family-owned business which constructed the property, Kartar Apartments, in the 1980s.
The building has to do with 300m from United Square Mall as well as is also near Novena MRT Terminal on the North-South Line.
He includes that this makes the redevelopment opportunities for the area more appealing for property developers or financiers to capitalise on the limited rental market. The place could be redeveloped into a residence project with 22 units with a typical size of 915 sq ft, claims Singh.
The residential property remains on a 7,300 sq ft plot as well as has a gross floor location (GFA) of 8,300 sq ft. The requesting cost equate to a land rate of $917 psf per plot ratio, involving project costs, states Delasa. “At this cost, a builder might anticipate to break-even at around $1,800 psf, based on authorizations from the authorities,” states Karamjit Singh, Chief Executive Officer of Delasa.
The place is zoned “household” under the most recent Master Plan with a permitted plot rate of 2.8. This results in a possible GFA of 20,400 sq ft, based on confirmations.
A four-storey apartment building at 41 & 43 Thomson Road has actually been sold by exclusive treaty with an asking price of $18.5 million. The real estate is marketed by property consultancy Delasa.
According to the press release, this development has actually initially been put up for sale in November 2021 with an asking deal of $18 million. An investor at first exercised the option to acquire the building that month, but might not finish the buy as a result of financing problems.
“At the same time, the consumer had actually obtained a guidance from the Urban Redevelopment Authority in response to a provisionary consent application supporting the redevelopment of the plot right into a serviced condo project,” states Singh.
