Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent locations at Ninety Seven and 99 Still Rd and Hundred and Thirty-seven Koon Seng Road have gotten put up for sale by using tender alongside a total advice amount of $Twenty One mil, revealed restricted promotion and marketing agent CBRE.
This formulates to approximately $9hundred 60 per square foot per plot ratio, “subject to approval of development costs payable on combination of both grounds”.
Ninety Seven & 99 Still Road is occupied by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Rd houses a 2 storey housing block used as an employees’ accommodation along with Malacca Hotel’s administrative workplace.
Being retailed as a package, the 2 areas are tactically situated on the crossroads of Koon Seng Road and Still Rd. They offer a complete measurement of approximately 14.661K sq ft furthermore stay zoned for household benefit in the 2K19 Master Plan with a land ratio of 1.4.
The estate stands a 15-minute drive to both of the CBD and Orchard Road, with neighboring schools involving Tao Nan School furthermore CHIJ Katong Primary.
CBRE Hotels Asso Dir Teo Junrong stated the land offers “a prompt but scarce chance for capitalists to maximize the Katong/ Joo Chiat’s renewal, as property properties in this particular section of Singapore have definitely gotten closely kept over the years”.
“Our experts are confident of the plot’s beauty, as first queries with Urban Redevelopment Authority identified the fact that there are going to get marginal development expenses, that are going to be a substantial benefit factor for real estate investors pursuing to raise or reload their landbank,” Teo stated.
“Investors can certainly think about both to retain the existing utilization or to rebuild the plot to suit a boutique non commercial non-landed project. There is also the alternative of converting the site right into an unique shared living product by having a mix of short lodge and long lodge accommodation,” continued Junrong.
The offer for both grounds wraps up on 24 March.