Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The site is zoned “residential” under the most recent Master Plan with an allowed plot rate of 2.8. This leads to a prospective GFA of 20,400 sq ft, subject to confirmations.
The residential property rests on a 7,300 sq ft plot and has a gross floor location (GFA) of 8,300 sq ft. The asking value equate to a land rate of $917 psf per plot ratio, consisting of project fees, claims Delasa. “At this rate, a builder might anticipate to break-even at around $1,800 psf, subject to authorizations from the authorities,” claims Karamjit Singh, Chief Executive Officer of Delasa.
A four-storey apartment building at 41 & 43 Thomson Road has actually been put up for sale by private treaty with an asking cost of $18.5 million. The real estate is marketed by property consultancy Delasa.
“While doing so, the buyer had obtained an advice from the Urban Redevelopment Authority in action to a provisionary approval application supporting the redevelopment of the plot into a serviced apartment property,” states Singh.
According to a news release by the advertising representative, the freehold flats is being sold by a family-owned firm which built the project, Kartar Apartments, in the 1980s.
The structure has to do with 300m from United Square Mall as well as is additionally close to Novena MRT Terminal on the North-South Line.
According to the press launch, this project has actually initially been put up for sale in November 2021 with an asking cost of $18 million. A homebuyer initially exercised the alternative to purchase the building that month, but might not complete the order as a result of funding problems.
He adds that this establishes the redevelopment chances for the area extra appealing for property developers or financiers to capitalise on the limited rental market. The area could be redeveloped into a condominium property with 22 units with a standard dimension of 915 sq ft, says Singh.
