Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
The Pasir Panjang Road site has a land area of 16,379 sq ft and is zoned domestic usage with a gross plot rate of 1.4. The occurring property development contains a main single-storey bungalow with several privies.
A property residential redevelopment site on 303 and 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to a news release on Oct 20 from Knight Frank, which serviced the deal.
“This estate obtained keen interest from possible clients looking for a palatable-sized redevelopment chance with excellent locational characteristics,” claims Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The potential for redevelopment into houses or property houses was a major draw, she includes.
“The real estate is purposefully established within lush greenery with effortless access to West Coast Park, Southern Ridges plus other environment-friendly places near the upcoming Greater Southern Waterfront,” claims Mary Sai, managing supervisor of capital markets at Knight Frank Singapore.
It stands next to many personal houses, furthermore is in just strolling range of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and Mapletree Business Park are actually a short drive away.
Chia anticipates interest to follow coming from the expansion of the local wealth population including the inclusion of current high-net-worth citizens.
Other non commercial projects in Silver Edge Investment’s pipe include two separated homes on 52 Wilkinson Road and a single removed bungalow at 37 Poole Road, each set up for finish at the end of 2022.
Silver Edge Investment prepares to redevelop the location right into particular niche ground houses, according to its managing affiliate Christopher Tong. He presumes the prospective homes at the site to interest house purchasers who seek “live in an impressive locale within the well established domestic territory at Pasir Panjang”.
Silver Edge Investment, a luxury home developer, was developed in 2017 and also currently has $50 million value of ventures within its own pipeline.
Silver Edge Investment Holdings won the proposal at $475,000 on top of the guide cost of $18 million, translating to a land rate of $1,128 psf.
The tender exercise was released on Sept 15 and also closed on Oct 13.