Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
It lies next to numerous exclusive houses, furthermore is within walking distance of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and Mapletree Business Park are actually a quick ride away.
Silver Edge Investment, a deluxe residence developer, was developed in 2017 and also presently has $50 million value of projects within its pipe.
An estate household redevelopment spot on 303 and 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which serviced the agreement.
“The property is purposefully set within rich greenery with easy accessibility to West Coast Park, Southern Ridges plus various other green places around the upcoming Greater Southern Waterfront,” says Mary Sai, managing director of financing markets at Knight Frank Singapore.
More domestic plans in Silver Edge Investment’s pipe feature 2 removed homes on 52 Wilkinson Road and even an one separated home at 37 Poole Road, both of these arranged for finalization at the end of 2022.
“This property received eager interest from possible buyers searching for a palatable-sized redevelopment possibility with outstanding locational features,” claims Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The potential for redevelopment right into homes or landed houses was a main draw, she adds.
Silver Edge Investment prepares to redevelop the location right into particular niche ground houses, according to its supervising affiliate Christopher Tong. He presumes the prospective homes at the site to appeal to house purchasers who intend “live in an amazing area throughout the established property territory at Pasir Panjang”.
The Pasir Panjang Road location has an acreage of 16,379 sq ft as well as is zoned household usage with a gross plot ratio of 1.4. The existing project contains a main single-storey bungalow with several outhouses.
Silver Edge Investment Holdings won the proposal at $475,000 above the guide cost of $18 million, translating to a land rate of $1,128 psf.
Chia expects interest to come coming from the growth of the local riches population together with the addition of latest high-net-worth people.
The tender exercise was introduced on Sept 15 and also shut off on Oct 13.