Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
It lies next to many exclusive homes, and is within strolling distance of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and Mapletree Business Park are actually a short ride away.
Silver Edge Investment, a luxury house property developer, was developed in 2017 and also presently has $50 million value of plans within its pipe.
The Pasir Panjang Road location has a land area of 16,379 sq ft and also is zoned residential usage with a gross plot ratio of 1.4. The existing development includes a main single-storey bungalow with a number of privies.
Chia expects demand to follow directly from the expansion of the neighborhood riches people and the inclusion of current high-net-worth residents.
An estate household redevelopment site on 303 and also 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the offer.
Silver Edge Investment Holdings earned the proposal at $475,000 above the overview cost of $18 million, equating to a land rate of $1,128 psf.
Silver Edge Investment intends to redevelop the area right into niche landed residences, according to its supervising partner Christopher Tong. He presumes the prospective houses at the place to attract residence investors that intend “stay in an interesting area inside the recognized property enclave at Pasir Panjang”.
“The residential property is tactically set up within lush greenery with very easy access to West Coast Park, Southern Ridges plus various other eco-friendly locations along the upcoming Greater Southern Waterfront,” states Mary Sai, managing supervisor of capital markets at Knight Frank Singapore.
More domestic plans in Silver Edge Investment’s pipe include 2 removed bungalows on 52 Wilkinson Road and a single separated home at 37 Poole Road, each arranged for completion at the end of 2022.
“This real estate received keen interest from potential purchasers trying to find a palatable-sized redevelopment opportunity with outstanding locational qualities,” says Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The potential for redevelopment into apartments or property homes was a major draw, she incorporates.
The tender exercise was released on Sept 15 and also sealed on Oct 13.