Freehold residential site in Pasir Panjang up for sale at $18 mil
The guide price is around $1,099 psf accorded to the acreage. For a proposed redevelopment of the spot up to the gross plot ratio of 1.4, the land price works out to roughly $1,308 psf per plot ratio, featuring the land betterment cost, states Knight Frank Singapore.
The building’s legal title is held by a solo household. Chia feature that this offers a possibility for instant redevelopment, in the absence of the requirement to go through the uncertainties of a shared sale. She expects keen attention in the tender given the site’s palatable value quantum, quick turnaround time as well as strategic area.
Chia Mein Mein, manager of resources markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft spot, which already houses a single-storey bungalow with a number of outhouses, is suitable for redevelopment.
Zoned for property usage under the URA 2019 Master Plan, the location has a gross plot ratio of 1.4, which equates to a highest gross floor area of roughly 23,000 sq ft. It has a wide 43m front view along Pasir Panjang Roadway.
An estate residential site on Pasir Panjang Roadway is up for deal by tender with an indicative cost “over of $18 million”, claims advertising broker Knight Frank Singapore.
” The home has the prospective to be redeveloped right into probably a boutique residential project consisting of 21 units with an average size of 1,076 sq ft, or landed homes such as bungalows, semi-detached or terrace residences, subject to permission from the pertinent experts,” says Chia. She includes that the area would attract huge multi-generational or extended family groups wanting to construct a new home.
Mary Sai, Knight Frank Singapore’s managing director, funding markets, states the selling of close-by projects Gloria Mansion and Flynn Park in the past months has actually propelled interest in the area. “With the Greater Southern Waterfront change plan on the horizon, this site is an amazing opportunity for financiers as well as home owners,” she includes.
The real estate is about 500m far from the Haw Par Villa MRT Station on the Circle Line. It is likewise within 2km of the National University of Singapore and National University Hospital.
Gloria Mansion, a 12-storey freehold residence property making up 31 apartments, was marketed en masse for $70.3 million to Fraxtor Capital as well as a group led by the family offices of Daniel Teo and Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit estate apartment, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a joint investing among Hoi Hup Real Estate and also Sunway Developments in September 2021.
The tender will certainly close on Oct 13 at 3pm.