Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
The Pasir Panjang Road location has a land area of 16,379 sq ft and also is zoned property use with a gross plot ratio of 1.4. The occurring property development includes a primary single-storey bungalow with a number of privies.
More residential projects in Silver Edge Investment’s pipeline consist of two detached homes on 52 Wilkinson Road and a solo detached bungalow at 37 Poole Road, both of these scheduled for finalization at the end of 2022.
Silver Edge Investment Holdings gained the proposal at $475,000 above the guide rate of $18 million, converting to a land rate of $1,128 psf.
“The real estate is strategically established within lavish greenery with easy access to West Coast Park, Southern Ridges plus other green places along the upcoming Greater Southern Waterfront,” says Mary Sai, managing supervisor of financing markets at Knight Frank Singapore.
“This residential property obtained eager interest from potential purchasers searching for a palatable-sized redevelopment possibility with superb locational qualities,” claims Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The possibility for redevelopment right into apartments or landed houses was a major draw, she includes.
Silver Edge Investment plans to redevelop the site right into niche landed residences, according to its managing affiliate Christopher Tong. He presumes the potential homes at the place to attract residential property buyers who seek “live in an impressive place within the well-known household enclave at Pasir Panjang”.
It is located beside many private homes, furthermore is just within strolling range 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 a short drive away.
A property redevelopment site on 303 and 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 serviced the offer.
The tender exercise was launched on Sept 15 and shut off on Oct 13.
Chia anticipates interest to follow directly from the growth of the neighborhood assets community including the inclusion of current high-net-worth people.
Silver Edge Investment, a high-end residence developer, was built in 2017 and presently has $50 million value of ventures within its pipe.