Freehold residential site in Pasir Panjang up for sale at $18 mil
The property’s legal title is held by a solo family members. Chia feature that this presents a possibility for immediate redevelopment, without having the demand to undergo the unpredictabilities of a shared sale. She anticipates keen attraction in the tender provided the site’s attractive price quantum, quick turnaround time and strategic area.
The residential property is about 500m far away from the Haw Par Villa MRT Terminal on the Circle Line. It is additionally inside 2km of the National University of Singapore as well as National University Hospital.
Chia Mein Mein, head of resources markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft spot, which already houses a single-storey bungalow with several privies, is perfect for redevelopment.
Zoned for residential utilization under the URA 2019 Master Plan, the site has a gross plot ratio of 1.4, which converts to a maximum gross flooring area of almost 23,000 sq ft. It has a vast 43m front along Pasir Panjang Roadway.
” The real estate has the prospective to be redeveloped right into possibly a store housing project consisting of 21 units with a typical proportions of 1,076 sq ft, or landed residential properties such as bungalows, semi-detached or patio residences, based on approval from the appropriate experts,” states Chia. She includes that the location would attract huge multi-generational or extended family members aiming to build a new house.
Mary Sai, Knight Frank Singapore’s executive supervisor, funding markets, states the purchase of nearby buildings Gloria Mansion and Flynn Park in the recent months has stimulated interest in the place. “With the Greater Southern Beachfront makeover intend on the boundary, this posting is an amazing opportunity for capitalists as well as property owners,” she includes.
The guide price is approximately $1,099 psf accorded to the land area. For a proposed redevelopment of the spot up to the gross plot ratio of 1.4, the land rate exercises to around $1,308 psf per plot ratio, including the land betterment fee, states Knight Frank Singapore.
Gloria Mansion, a 12-storey freehold property development comprising 31 apartments, was marketed en masse for $70.3 million to Fraxtor Capital and also a group led by the family members offices of Daniel Teo and also Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit property condo, was sold en bloc for $371 million ($ 1,355 psf ppr) to a mutual venture among Hoi Hup Realty as well as Sunway Developments in September 2021.
An estate residential site on Pasir Panjang Road is up for purchase by tender with a measure cost “in excess of $18 million”, states promotion broker Knight Frank Singapore.
The tender will certainly close on Oct 13 at 3pm.
