Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
According to a statement by the marketing agent, the freehold flats is being marketed by a family-owned company which constructed the property, Kartar Apartments, in the 1980s.
“At the same time, the client had obtained a suggestions from the Urban Redevelopment Authority in feedback to a provisionary approval application sustaining the redevelopment of the plot into a serviced flat project,” states Singh.
The building remains on a 7,300 sq ft plot and has a gross flooring area (GFA) of 8,300 sq ft. The asking value translates to a land rate of $917 psf per plot ratio, including development fees, states Delasa. “At this price, a builder might expect to break-even at around $1,800 psf, subject to approvals from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
The area is zoned “household” under the latest Master Plan with a permitted plot ratio of 2.8. This leads to a potential GFA of 20,400 sq ft, subject to authorizations.
A four-storey apartment building at 41 & 43 Thomson Road has actually been sold by private treaty with an asking price of $18.5 million. The real estate is marketed by real estate consultancy Delasa.
The building is about 300m from United Square Shopping Mall and is also near to Novena MRT Station on the North-South Line.
According to the press release, this construction has actually at first been put up for sale in November 2021 with a seeking value of $18 million. A buyer originally exercised the choice to buy the property that month, but might not finish the acquisition because of funding issues.
He adds that this establishes the redevelopment opportunities for the place much more appealing for property developers or financiers to capitalise on the tight rental market. The area could be redeveloped right into a condo property with 22 units with a typical size of 915 sq ft, claims Singh.