Freehold residential site in Pasir Panjang up for sale at $18 mil
An estate property location on Pasir Panjang Roadway is up for purchase by tender with a measure rate “in excess of $18 million”, claims advertising broker Knight Frank Singapore.
Chia Mein Mein, manager of resources markets (land and collective sale) at Knight Frank Singapore, indicates that the 16,379 sq ft location, which at present houses a single-storey bungalow with numerous outhouses, is perfect for redevelopment.
Zoned for property usage under the URA 2019 Master Plan, the location has a gross plot ratio of 1.4, which converts to a highest gross flooring area of roughly 23,000 sq ft. It has a large 43m frontage along Pasir Panjang Roadway.
Mary Sai, Knight Frank Singapore’s managing supervisor, resources markets, claims the selling of neighboring buildings Gloria Mansion as well as Flynn Park in the last months has actually propelled interest in the area. “With the Greater Southern Waterfront change intend on the boundary, this site is an interesting chance for investors and home owners,” she adds.
The guide price is almost $1,099 psf accorded to the land area. For a suggested redevelopment of the spot up to the gross plot ratio of 1.4, the land rate exercises to around $1,308 psf per plot ratio, including the land enhancement cost, claims Knight Frank Singapore.
Gloria Mansion, a 12-storey property residential development consisting of 31 condos, was offered en masse for $70.3 million to Fraxtor Capital and a group led by the family offices of Daniel Teo and also Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit estate condominium, was sold en masse for $371 million ($ 1,355 psf ppr) to a shared investing involving Hoi Hup Real Estate as well as Sunway Developments in September 2021.
The real property’s legal title is held by an one family. Chia feature that this offers a chance for instant redevelopment, without having the requirement to undergo the unpredictabilities of a shared sale. She prepares for eager attention in the tender provided the area’s attractive rate quantum, quick turnaround time and strategic area.
The building is about 500m outside the Haw Par Villa MRT Station on the Circle Line. It is likewise just within 2km of the National University of Singapore and National University Hospital.
“The residential property has the prospective to be redeveloped right into either a boutique residential property comprising 21 units with an ordinary size of 1,076 sq ft, or landed houses such as bungalows, semi-detached or patio houses, based on permission from the pertinent experts,” says Chia. She includes that the site would attract big multi-generational or extended family members aiming to develop a new home.
The tender will close on Oct 13 at 3pm.