Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
A property redevelopment spot on 303 and 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which brokered the agreement.
Silver Edge Investment Holdings won the proposal at $475,000 on top of the guide rate of $18 million, converting to a land price of $1,128 psf.
“The residential property is tactically set up within lavish greenery with effortless accessibility to West Coast Park, Southern Ridges along with other green places around the upcoming Greater Southern Waterfront,” states Mary Sai, managing supervisor of financing markets at Knight Frank Singapore.
“This property got keen interest from possible purchasers searching for a palatable-sized redevelopment opportunity with exceptional locational attributes,” says Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The potential for redevelopment into condos or property houses was a main draw, she adds.
It stands next to many exclusive homes, and is in just strolling distance 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 a quick ride away.
Silver Edge Investment intends to redevelop the area into particular niche ground houses, according to its managing associate Christopher Tong. He anticipates the prospective homes at the place to appeal to home purchasers who desire “live in an amazing place within the well-known household territory at Pasir Panjang”.
Silver Edge Investment, a deluxe residence property developer, was developed in 2017 and currently has $50 million value of ventures in its own pipeline.
The Atelier Bukit Sembawang Land Pte Ltd
The Pasir Panjang Road location has an acreage of 16,379 sq ft and is zoned property usage with a gross plot rate of 1.4. The occurring property development includes a primary single-storey bungalow with a number of outhouses.
Chia anticipates interest to follow from the development of the local wealth population including the addition of new high-net-worth citizens.
Some other domestic projects in Silver Edge Investment’s pipe include two removed bungalows on 52 Wilkinson Road and even a single detached bungalow at 37 Poole Road, both of these scheduled for finalization lattermost of 2022.
The tender exercise was launched on Sept 15 and also closed on Oct 13.
