Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Chia anticipates interest to come directly from the expansion of the neighborhood assets people and the addition of current high-net-worth people.
“This real estate received keen interest from prospective purchasers looking for a palatable-sized redevelopment possibility with excellent locational qualities,” claims Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The potential for redevelopment into homes or landed residences was a main draw, she includes.
Silver Edge Investment Holdings earned the proposal at $475,000 over the guide rate of $18 million, converting to a land rate of $1,128 psf.
A freehold household redevelopment spot on 303 as well as 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which serviced the offer.
“The property is strategically set within lush plant with effortless access to West Coast Park, Southern Ridges and various other environment-friendly locations around the upcoming Greater Southern Waterfront,” says Mary Sai, managing director of funding markets at Knight Frank Singapore.
The Pasir Panjang Road site has a land area of 16,379 sq ft and also is zoned domestic usage with a gross plot ratio of 1.4. The existing property development consists of a main single-storey bungalow with several outhouses.
It is located next to numerous private residences, and is within strolling distance of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are a short travel away.
Silver Edge Investment, a luxury home property developer, was developed in 2017 and currently has $50 million value of projects in its own pipe.
Some other property projects in Silver Edge Investment’s pipe feature two detached homes on 52 Wilkinson Road and a single detached bungalow at 37 Poole Road, both of these arranged for completion lattermost of 2022.
Silver Edge Investment prepares to redevelop the site into specific niche ground residences, according to its managing associate Christopher Tong. He expects the future houses at the site to interest residence customers that desire “reside in an amazing locale throughout the well-known household territory at Pasir Panjang”.
The tender exercise was introduced on Sept 15 and also sealed on Oct 13.