Freehold residential site in Pasir Panjang up for sale at $18 mil
An estate residential site on Pasir Panjang Road is up for purchase by tender with a measure rate “over of $18 million”, states promotion and marketing agent Knight Frank Singapore.
Zoned for home use under the URA 2019 Master Plan, the site has a great plot ratio of 1.4, which converts to a maximum gross floor location of almost 23,000 sq ft. It has a wide 43m front view along Pasir Panjang Road.
Mary Sai, Knight Frank Singapore’s corporate supervisor, funding markets, says the sale of nearby buildings Gloria Mansion and also Flynn Park in the previous months has actually stimulated interest in the local area. “With the Greater Southern Waterside transformation intend on the boundary, this listing is an exciting chance for capitalists as well as home owners,” she adds.
Chia Mein Mein, manager of funding markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft site, which already houses a single-storey bungalow with a number of privies, is excellent for redevelopment.
The real estate is about 500m far from the Haw Par Villa MRT Terminal on the Circle Line. It is also just within 2km of the National University of Singapore and National University Hospital.
Gloria Mansion, a 12-storey estate residential development comprising 31 homes, was sold en masse for $70.3 million to Fraxtor Capital and a team led by the family offices of Daniel Teo as well as Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit estate condo, was reselled en bloc for $371 million ($ 1,355 psf ppr) to a mutual investing among Hoi Hup Real Estate and Sunway Developments in September 2021.
The ability’s legal title is held by a single family members. Chia feature that this provides a chance for prompt redevelopment, without having the demand to undergo the unpredictabilities of a cumulative sale. She anticipates keen attraction in the tender given the site’s palatable price quantum, quick turnaround time as well as tactical place.
” The real estate has the possible to be redeveloped into possibly a boutique home property consisting of 21 units with a typical size of 1,076 sq ft, or landed residences such as bungalows, semi-detached or balcony homes, based on approval from the relevant authorities,” says Chia. She includes that the place would certainly attract big multi-generational or extended households looking to construct a brand-new house.
The guide price is around $1,099 psf based on the land area. For a recommended redevelopment of the place as much as the gross plot ratio of 1.4, the land price works out to around $1,308 psf per plot ratio, consisting of the land enhancement fee, states Knight Frank Singapore.
The tender will close on Oct 13 at 3pm.