Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been sold by private treaty with an asking rate of $18.5 million. The real estate is marketed by residential property consultancy Delasa.
According to the press release, this project has originally been offered in November 2021 with an asking quote of $18 million. An investor initially exercised the alternative to purchase the property that month, but might not finish the transaction due to financing concerns.
He adds that this establishes the redevelopment possibilities for the place more eye-catching for property developers or capitalists to capitalise on the limited rental market. The place could be redeveloped right into a condo property with 22 units with an average dimension of 915 sq ft, claims Singh.
According to a press release by the marketing agent, the estate apartment is being sold by a family-owned company which developed the property, Kartar Apartments, in the 1980s.
“At the same time, the client had gotten a recommendations from the Urban Redevelopment Authority in response to a provisionary approval application helping the redevelopment of the plot into a serviced apartment project,” says Singh.
The site is zoned “residential” under the most recent Master Plan with an allowable plot ratio of 2.8. This leads to a potential GFA of 20,400 sq ft, subject to confirmations.
The building sits on a 7,300 sq ft plot as well as has a gross floor area (GFA) of 8,300 sq ft. The requesting rate translates to a land price of $917 psf per plot ratio, consisting of project charges, says Delasa. “At this price, a developer may presume to break-even at around $1,800 psf, based on approvals from the authorities,” states Karamjit Singh, CEO of Delasa.
The structure has to do with 300m from United Square Shopping Center and is likewise near to Novena MRT Station on the North-South Line.