Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The property remains on a 7,300 sq ft plot and also has a gross flooring area (GFA) of 8,300 sq ft. The requesting rate equate to a land rate of $917 psf per plot ratio, consisting of property charges, claims Delasa. “At this rate, a builder may presume to break-even at around $1,800 psf, subject to approvals from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
“While doing so, the client had acquired a suggestions from the Urban Redevelopment Authority in reaction to a provisionary authorization application sustaining the redevelopment of the plot into a serviced flat development,” says Singh.
According to a statement by the advertising representative, the freehold apartment is being offered by a family-owned business which constructed the project, Kartar Apartments, in the 1980s.
According to the press release, this development has actually at first been put up for sale in November 2021 with an asking quote of $18 million. A homebuyer originally exercised the choice to acquire the property that month, yet might not finish the order due to financing issues.
The building has to do with 300m from United Square Shopping Mall as well as is also near to Novena MRT Terminal on the North-South Line.
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been sold by private treaty with an asking price of $18.5 million. The real estate is marketed by property consultancy Delasa.
The site is zoned “household” under the most up to date Master Plan with an allowed plot ratio of 2.8. This results in a possible GFA of 20,400 sq ft, based on authorizations.
He adds that this establishes the redevelopment possibilities for the site extra appealing for developers or brokers to capitalise on the tight rental market. The place could be redeveloped right into an apartment project with 22 units with a typical dimension of 915 sq ft, claims Singh.