Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent locations at 97 and Ninety Nine Still Road and Hundred and Thirty-seven Koon Seng Road have actually gotten put up for sale by means of offer amidst a joined together overview figure of $Twenty One mil, shared restricted marketing and advertising representative Coldwell Banker Richard Ellis.
The calculation formulates to just about $9hundred 60 psf per plot ratio, “based on acceptance of development costs payable on combination of both plots”.
Ninety Seven & Ninety Nine Still Road is occupied by 29-room Malacca Htl, while 137 Koon Seng Rd houses a 2 level domestic block managed being a workers’ housing as well as Malacca Htl’s admin department.
Being retailed as a bunch, the pair of areas are tactically found at the junction of Koon Seng Road and Still Rd. They come with a total stretch of about 14.661K sq foot as well as stay zoned for non commercial application under the 2K19 Master Plan with a pr of 1.4.
The residence is a 15 min travel to both the CBD as well as Orchard Rd, by having convenient educational institutes including Tao Nan Sch together with Convent of the Holy Infant Jesus Katong Primary.
CBRE Htls Associate Dir Teo Junrong said the building introduces “a appropriate and yet unusual prospect for investors to maximize the Katong/ Joo Chiat’s restoration, as property assets within this segment of S’pore have definitely continued securely maintained over the yrs”.
“Our people are optimistic of the area’s elegance, as preliminary enquiries with Urban Redevelopment Authority showed that there will be minor development rates, which in turn will become a huge benefit factor for developers striving to increase or renew their landbank,” Junrong stated.
“Financiers can certainly consider either to hold on to the present usage or to redevelop the plot to fit a boutique residential non-landed property. There is at the same time the choice of turning the plot toward a special shared living building with a mix of short lodge and stretched stay room,” added Teo.
The offer for the pair of sites wraps up on 24March.