Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjacent plots at 97 & 99 Still Road along with Hundred and Thirty-seven Koon Seng Road have actually gotten put up for sale by using offer beside a consolidated guide value of $21 million, reported unique marketing and advertising rep Coldwell Banker Richard Ellis.
The calculation figures out to around $9hundred 60 psf per plot ratio, “dependent on acceptance of development costs payable on merger of both grounds”.
Ninety Seven & 99 Still Rd is taken up by Twenty-nine rooms Malacca Htl, while Hundred Thirty Seven Koon Seng Rd houses a 2 floor non commercial block used as a workers’ accommodation as well as Malacca Htl’s administrative workplace.
To be offered as a set, both locations are purposefully standing at the crossroads of Koon Seng Rd and Still Rd. The sites offer an entire size of about 14,661 sq foot and exist sector for residential utilization under the 2019 Master Plan with a pr of 1.4.
The apartment is a 15 min commute to either the Central Business District including Orchard Road, by having convenient academic bodies involving Tao Nan Sch together with Convent of the Holy Infant Jesus Katong Primary.
CBRE Htls Asso Dir Teo Junrong stated the premises presents “a well timed yet unusual prospect for investors to profit from the Katong/ Joo Chiat’s revival, as housing resources in the indicated area of S’pore have certainly been closely kept beyond the yrs”.
“We are hopeful of the location’s appeal, as preliminary enquiries with URA indicated that there will likely get minor development fees, that will certainly be a great bonus aspect for creators looking for to improve or replenish their landbank,” he shared.
“Investors are able to think about probably to maintain the current utilization or to reconstruct the area to house a boutique non commercial non-landed development. There is furthermore the option of transforming the site into a special shared living product with a mix of short stay and much longer stay housing,” included Teo.
The offer for the two locations ceases on 24Mar.