Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment Holdings won the bid at $475,000 over the overview price of $18 million, translating to a land price of $1,128 psf.
A property domestic redevelopment spot on 303 and also 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to a news release on Oct 20 from Knight Frank, which serviced the offer.
“This real estate received keen interest from possible buyers searching for a palatable-sized redevelopment chance with excellent locational characteristics,” states Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The potential for redevelopment right into condos or landed residences was a primary draw, she adds.
Some other property projects in Silver Edge Investment’s pipeline include 2 separated bungalows on 52 Wilkinson Road and even a single separated home at 37 Poole Road, both of these arranged for finish at the end of 2022.
“The property is strategically established within rich greenery with very easy accessibility to West Coast Park, Southern Ridges along with other eco-friendly spaces around the upcoming Greater Southern Waterfront,” claims Mary Sai, managing supervisor of funding markets at Knight Frank Singapore.
Chia anticipates demand to come coming from the expansion of the nearby wealth community together with the extra of current high-net-worth residents.
Silver Edge Investment, a luxury home property developer, was established in 2017 and presently has $50 million worth of projects within its own pipeline.
It is located alongside several exclusive homes, and is within walking proximity 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 actually a short ride away.
Silver Edge Investment intends to redevelop the area into specific niche ground houses, according to its handling affiliate Christopher Tong. He expects the prospective homes at the place to attract residence investors who seek “live in an amazing location throughout the well established property enclave at Pasir Panjang”.
The Pasir Panjang Road site has a land area of 16,379 sq ft and is zoned domestic usage with a gross plot ratio of 1.4. The occurring development contains a major single-storey bungalow with several privies.
The tender exercise was launched on Sept 15 and shut off on Oct 13.