Freehold residential site in Pasir Panjang up for sale at $18 mil
The residential property is about 500m far from the Haw Par Villa MRT Terminal on the Circle Line. It is likewise just within 2km of the National University of Singapore as well as National University Hospital.
The overview price is almost $1,099 psf based upon the acreage. For a proposed redevelopment of the site approximately the gross plot ratio of 1.4, the land rate exercises to about $1,308 psf per plot ratio, including the land enhancement fee, states Knight Frank Singapore.
Gloria Mansion, a 12-storey property household development consisting of 31 condominiums, was offered en masse for $70.3 million to Fraxtor Capital and a team led by the household workplaces of Daniel Teo and Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit estate condo, was sold off en bloc for $371 million ($ 1,355 psf ppr) to a mutual business venture among Hoi Hup Realty and Sunway Developments in September 2021.
Mary Sai, Knight Frank Singapore’s executive supervisor, funding markets, claims the selling of nearby projects Gloria Mansion and also Flynn Park in the recent months has actually stimulated interest in the local area. “With the Greater Southern Beachfront improvement plan on the border, this site is an exciting opportunity for financiers and property owners,” she adds.
Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, marks that the 16,379 sq ft site, which at present houses a single-storey bungalow with several outhouses, is suitable for redevelopment.
An estate property site on Pasir Panjang Road is up for deal by tender with an indicative price “over of $18 million”, states promotion agent Knight Frank Singapore.
The real estate’s lawful title is held by a solo family. Chia highlights that this presents a possibility for prompt redevelopment, without having the requirement to experience the uncertainties of a collective sale. She anticipates eager interest in the tender given the area’s palatable cost quantum, quick turnaround time as well as strategic place.
” The residential property has the prospective to be redeveloped into either a shop home development comprising 21 units with a typical size of 1,076 sq ft, or landed residences such as bungalows, semi-detached or balcony homes, based on confirmation from the appropriate authorities,” claims Chia. She adds that the place would appeal to huge multi-generational or extended families aiming to develop a new residence.
Zoned for residential use under the URA 2019 Master Plan, the site has a great plot ratio of 1.4, which translates to a total gross flooring area of almost 23,000 sq ft. It has a wide 43m front along Pasir Panjang Roadway.
The tender will close on Oct 13 at 3pm.