Freehold residential site in Pasir Panjang up for sale at $18 mil
An estate household site on Pasir Panjang Roadway is up for profit by tender with an indicative price “in excess of $18 million”, says advertising agent Knight Frank Singapore.
The property’s legitimate title is held by a solo family members. Chia emphasize that this presents a chance for immediate redevelopment, without having the need to go through the uncertainties of a shared sale. She anticipates keen attention in the tender given the site’s palatable cost quantum, fast turnaround time as well as critical area.
Zoned for home usage under the URA 2019 Master Plan, the location has a great plot ratio of 1.4, which converts to an optimum gross floor area of nearly 23,000 sq ft. It has a wide 43m front view along Pasir Panjang Road.
Gloria Mansion, a 12-storey property residence project consisting of 31 flats, was marketed en masse for $70.3 million to Fraxtor Capital and also a group led by the household workplaces of Daniel Teo and Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit property apartment, was sold en masse for $371 million ($ 1,355 psf ppr) to a joint business venture involving Hoi Hup Realty and also Sunway Developments in September 2021.
The guide rate is almost $1,099 psf accorded to the land area. For a proposed redevelopment of the area as much as the gross plot ratio of 1.4, the land rate exercises to roughly $1,308 psf per plot ratio, consisting of the land improvement charge, claims Knight Frank Singapore.
Chia Mein Mein, head of resources markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft spot, which presently houses a single-storey home with several privies, is suitable for redevelopment.
Mary Sai, Knight Frank Singapore’s managing director, resources markets, states the purchase of close-by projects Gloria Mansion as well as Flynn Park in the past months has actually stimulated interest in the local area. “With the Greater Southern Waterside improvement intend on the boundary, this site is an amazing possibility for financiers as well as house owners,” she includes.
The residential property is about 500m away from the Haw Par Villa MRT Station on the Circle Line. It is also just within 2km of the National University of Singapore and also National University Hospital.
” The residential property has the possible to be redeveloped right into possibly a store property development comprising 21 units with an ordinary size of 1,076 sq ft, or landed dwellings such as bungalows, semi-detached or porch houses, based on permission from the relevant experts,” claims Chia. She adds that the place would certainly interest big multi-generational or extended households looking to build a brand-new residence.
The tender will certainly close on Oct 13 at 3pm.