Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Chia anticipates interest to follow from the expansion of the nearby assets community including the inclusion of current high-net-worth citizens.
A property household redevelopment spot on 303 and also 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the offer.
Silver Edge Investment intends to redevelop the site into particular niche landed houses, according to its handling affiliate Christopher Tong. He anticipates the future houses at the area to attract residence purchasers that intend “reside in an impressive location inside the well-known household territory at Pasir Panjang”.
“This residential property obtained keen interest from prospective clients looking for a palatable-sized redevelopment possibility with outstanding locational qualities,” states Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The potential for redevelopment into homes or landed homes was a main draw, she incorporates.
The Pasir Panjang Road location has an acreage of 16,379 sq ft and also is zoned domestic usage with a gross plot ratio of 1.4. The existing property development includes a primary single-storey bungalow with several outhouses.
It stands beside several exclusive houses, furthermore is within strolling proximity of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are actually a quick drive away.
“The real estate is strategically set within lavish greenery with very easy accessibility to West Coast Park, Southern Ridges along with various other green locations around the upcoming Greater Southern Waterfront,” states Mary Sai, executive director of capital markets at Knight Frank Singapore.
Silver Edge Investment, a high-end house developer, was developed in 2017 and presently has $50 million worth of plans within its own pipeline.
Silver Edge Investment Holdings won the bid at $475,000 above the overview price of $18 million, converting to a land price of $1,128 psf.
Some other domestic projects in Silver Edge Investment’s pipeline include two separated homes on 52 Wilkinson Road and even an one removed home at 37 Poole Road, both scheduled for finalization lattermost of 2022.
The tender exercise was released on Sept 15 and also sealed on Oct 13.
