Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
The Pasir Panjang Road site has a land area of 16,379 sq ft and also is zoned residential use with a gross plot rate of 1.4. The existing development includes a main single-storey bungalow with numerous privies.
“The residential property is tactically established within lush greenery with easy access to West Coast Park, Southern Ridges and other green places around the upcoming Greater Southern Waterfront,” says Mary Sai, managing director of financing markets at Knight Frank Singapore.
Silver Edge Investment, a high-end house developer, was established in 2017 and also presently has $50 million worth of work within its pipeline.
A property redevelopment site on 303 as well as 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to a news release on Oct 20 from Knight Frank, which brokered the offer.
Chia anticipates need to follow from the expansion of the neighborhood riches people including the inclusion of latest high-net-worth locals.
More property proposals in Silver Edge Investment’s pipeline feature 2 separated bungalows on 52 Wilkinson Road also an one detached home at 37 Poole Road, each scheduled for finish lattermost of 2022.
Silver Edge Investment plans to redevelop the site right into specific niche ground residences, according to its handling associate Christopher Tong. He assumes the potential homes at the site to attract residential property purchasers who seek “stay in an exciting location inside the recognized household territory at Pasir Panjang”.
Silver Edge Investment Holdings gained the bid at $475,000 above the overview fee of $18 million, equating to a land rate of $1,128 psf.
“This property got eager interest from prospective clients looking for a palatable-sized redevelopment opportunity with excellent locational qualities,” says Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The possibility for redevelopment into homes or landed residences was a major draw, she includes.
It is located beside several private homes, and is in just strolling distance of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are actually a brief ride away.
The tender exercise was introduced on Sept 15 and shut off on Oct 13.