Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The place is zoned “domestic” under the most recent Master Plan with an allowable plot ratio of 2.8. This causes a prospective GFA of 20,400 sq ft, based on permissions.
“While doing so, the consumer had acquired a recommendations from the Urban Redevelopment Authority in feedback to a provisional authorization application supporting the redevelopment of the plot into a serviced flat property,” states Singh.
According to an announcement by the marketing agent, the estate flats is being marketed by a family-owned firm which constructed the structure, Kartar Apartments, in the 1980s.
The building has to do with 300m from United Square Shopping Center and is likewise near to Novena MRT Terminal on the North-South Line.
The real estate remains on a 7,300 sq ft plot and also has a gross flooring area (GFA) of 8,300 sq ft. The asking value translates to a land price of $917 psf per plot ratio, involving project fees, states Delasa. “At this rate, a developer might expect to break-even at around $1,800 psf, based on approvals from the authorities,” states Karamjit Singh, Chief Executive Officer of Delasa.
He adds that this establishes the redevelopment chances for the area extra attractive for property developers or financiers to capitalise on the limited rental market. The place could be redeveloped into a condo development with 22 units with a typical dimension of 915 sq ft, states Singh.
According to the press release, this development has actually at first been offered in November 2021 with a seeking quote of $18 million. A homebuyer initially set the option to purchase the real estate that month, yet could not finish the order because of financing concerns.
A four-storey apartment at 41 & 43 Thomson Road has actually been sold by private treaty with a demanding cost of $18.5 million. The building is marketed by real estate consultancy Delasa.