Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
According to the press launch, this construction has actually originally been put up for sale in November 2021 with a seeking value of $18 million. An investor initially exercised the option to purchase the building that month, however might not complete the buy due to financing problems.
The residential property sits on a 7,300 sq ft plot and has a gross floor location (GFA) of 8,300 sq ft. The requesting deal translates to a land price of $917 psf per plot ratio, consisting of development fees, claims Delasa. “At this rate, a developer might anticipate to break-even at around $1,800 psf, subject to approvals from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
According to a statement by the marketing representative, the estate apartment building is being sold by a family-owned company which built the project, Kartar Apartments, in the 1980s.
“While doing so, the purchaser had actually gotten an advice from the Urban Redevelopment Authority in response to a provisional consent application sustaining the redevelopment of the plot right into a serviced condominium property,” says Singh.
He includes that this makes the redevelopment possibilities for the area extra appealing for developers or capitalists to capitalise on the limited rental market. The place could be redeveloped into an apartment development with 22 units with a typical size of 915 sq ft, claims Singh.
The structure is about 300m from United Square Mall and is additionally near to Novena MRT Station on the North-South Line.
A four-storey apartment building at 41 & 43 Thomson Road has actually been put up for sale by exclusive treaty with a demanding price of $18.5 million. The residential property is marketed by residential property consultancy Delasa.
The area is zoned “domestic” under the most recent Master Plan with an allowable plot rate of 2.8. This leads to a possible GFA of 20,400 sq ft, based on authorizations.