Freehold residential site in Pasir Panjang up for sale at $18 mil
A property location on Pasir Panjang Road is up for sale by tender with an indicative rate “over of $18 million”, says promotion and marketing representative Knight Frank Singapore.
The property’s legitimate title is held by a single household. Chia highlights that this offers an opportunity for instant redevelopment, without the need to experience the unpredictabilities of a collective sale. She expects eager attraction in the tender offered the location’s attractive cost quantum, quick turnaround time and also critical area.
Mary Sai, Knight Frank Singapore’s executive supervisor, capital markets, claims the selling of neighboring buildings Gloria Mansion as well as Flynn Park in the previous months has stimulated interest in the location. “With the Greater Southern Beachfront improvement plan on the border, this listing is an exciting chance for financiers and also homeowners,” she adds.
The residential property is about 500m away from 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.
” The home has the prospective to be redeveloped right into either a boutique property development consisting of 21 units with an average proportions of 1,076 sq ft, or landed residences such as bungalows, semi-detached or patio homes, subject to authorization from the pertinent experts,” states Chia. She includes that the location would certainly attract huge multi-generational or extended family groups looking to build a new home.
Chia Mein Mein, head of funding markets (land and collective sale) at Knight Frank Singapore, marks that the 16,379 sq ft location, which presently houses a single-storey home with numerous outhouses, is perfect for redevelopment.
Gloria Mansion, a 12-storey freehold property development consisting of 31 condos, was offered en masse for $70.3 million to Fraxtor Capital and also a group led by the family firms of Daniel Teo and Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit property condo, was sold off en masse for $371 million ($ 1,355 psf ppr) to a shared investing amongst Hoi Hup Realty as well as Sunway Developments in September 2021.
Zoned for residential use under the URA 2019 Master Plan, the location has a gross plot ratio of 1.4, which equates to an optimum gross floor area of roughly 23,000 sq ft. It has a wide 43m front along Pasir Panjang Road.
The guide price is almost $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 rate works out to around $1,308 psf per plot ratio, including the land enhancement charge, states Knight Frank Singapore.
The tender will certainly close on Oct 13 at 3pm.
