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 highlights that this offers a chance for prompt redevelopment, without the requirement to undergo the uncertainties of a shared sale. She prepares for keen attention in the tender offered the area’s palatable value quantum, fast turnaround time and also critical place.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft site, which currently houses a single-storey bungalow with a number of outhouses, is optimal for redevelopment.
Zoned for household usage under the URA 2019 Master Plan, the place has a great plot ratio of 1.4, which translates to a total gross flooring area of almost 23,000 sq ft. It has a broad 43m front view along Pasir Panjang Road.
” The residential property has the prospective to be redeveloped right into either a store property comprising 21 units with an ordinary proportions of 1,076 sq ft, or landed residential properties such as bungalows, semi-detached or patio homes, based on approval from the relevant authorities,” says Chia. She includes that the location would interest big multi-generational or extended families looking to build a new house.
The real estate is about 500m outside the Haw Par Villa MRT Terminal on the Circle Line. It is also inside 2km of the National University of Singapore and National University Hospital.
A property household location on Pasir Panjang Road is up for sale by tender with an indicative rate “in excess of $18 million”, claims promotion broker Knight Frank Singapore.
Gloria Mansion, a 12-storey freehold residence property making up 31 apartments, was marketed en bloc for $70.3 million to Fraxtor Capital as well as a group led by the family workplaces of Daniel Teo and also Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit property apartment, was reselled en masse for $371 million ($ 1,355 psf ppr) to a mutual investing between Hoi Hup Realty and Sunway Developments in September 2021.
Mary Sai, Knight Frank Singapore’s corporate supervisor, funding markets, claims the sale of close-by buildings Gloria Mansion as well as Flynn Park in the recent months has actually stimulated interest in the place. “With the Greater Southern Waterfront transformation plan on the horizon, this listing is an exciting chance for investors and property owners,” she includes.
The guide price is almost $1,099 psf accorded to the land area. For a suggested redevelopment of the area approximately the gross plot ratio of 1.4, the land rate works out to roughly $1,308 psf per plot ratio, including the land betterment charge, states Knight Frank Singapore.
The tender will certainly close on Oct 13 at 3pm.