Freehold residential site in Pasir Panjang up for sale at $18 mil
The real estate is about 500m outside the Haw Par Villa MRT Station on the Circle Line. It is likewise inside 2km of the National University of Singapore and also National University Hospital.
Mary Sai, Knight Frank Singapore’s executive director, funding markets, claims the purchase of neighboring developments Gloria Mansion and also Flynn Park in the recent months has propelled interest in the local area. “With the Greater Southern Waterfront change plan on the border, this posting is an exciting chance for capitalists as well as property owners,” she incorporates.
” The property has the possible to be redeveloped right into probably a shop home property consisting of 21 units with a typical size of 1,076 sq ft, or landed houses such as bungalows, semi-detached or terrace houses, subject to authorization from the relevant authorities,” states Chia. She includes that the site would certainly entice huge multi-generational or extended family members looking to build a brand-new home.
The guide cost is around $1,099 psf based on the acreage. For a proposed redevelopment of the site up to the gross plot ratio of 1.4, the land price works out to approximately $1,308 psf per plot ratio, including the land improvement fee, claims Knight Frank Singapore.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft spot, which presently houses a single-storey home with several privies, is ideal for redevelopment.
An estate residential site on Pasir Panjang Roadway is up for purchase by tender with an indicative price “over of $18 million”, says advertising agent Knight Frank Singapore.
Gloria Mansion, a 12-storey freehold household property making up 31 houses, was sold en masse for $70.3 million to Fraxtor Capital and also a group led by the family members offices of Daniel Teo and Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit freehold apartment, was sold off en bloc for $371 million ($ 1,355 psf ppr) to a shared venture amongst Hoi Hup Realty as well as Sunway Developments in September 2021.
Zoned for property use under the URA 2019 Master Plan, the place has a gross plot ratio of 1.4, which equates to an utmost gross flooring area of roughly 23,000 sq ft. It has a broad 43m frontage along Pasir Panjang Roadway.
The real property’s lawful title is held by an one household. Chia highlights that this provides a possibility for immediate redevelopment, in the absence of the requirement to go through the uncertainties of a cumulative sale. She prepares for keen interest in the tender offered the site’s palatable rate quantum, quick turnaround time and also calculated location.
The tender will certainly close on Oct 13 at 3pm.