Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The building rests on a 7,300 sq ft plot and also has a gross floor location (GFA) of 8,300 sq ft. The requesting price equate to a land rate of $917 psf per plot ratio, including property fees, says Delasa. “At this value, a builder might anticipate to break-even at around $1,800 psf, based on authorizations from the authorities,” states Karamjit Singh, CEO of Delasa.
According to the press launch, this construction has initially been offered in November 2021 with a requesting cost of $18 million. An investor at first exercised the option to acquire the real estate that month, yet could not complete the buy due to financing problems.
The site is zoned “residential” under the most recent Master Plan with a permitted plot rate of 2.8. This leads to a potential GFA of 20,400 sq ft, based on permissions.
The building is about 300m from United Square Shopping Mall as well as is also near Novena MRT Terminal on the North-South Line.
“At the same time, the buyer had acquired a suggestions from the Urban Redevelopment Authority in response to a provisional approval application supporting the redevelopment of the plot right into a serviced flat property,” claims Singh.
According to an announcement by the marketing representative, the freehold flats is being marketed by a family-owned business which developed the development, Kartar Apartments, in the 1980s.
He includes that this makes the redevelopment opportunities for the site extra attractive for developers or brokers to capitalise on the limited rental market. The area could be redeveloped into a condominium development with 22 units with a normal size of 915 sq ft, claims Singh.
A four-storey apartment at 41 & 43 Thomson Roadway has been put up for sale by exclusive treaty with an asking price of $18.5 million. The residential property is marketed by residential property consultancy Delasa.
