Freehold residential site in Pasir Panjang up for sale at $18 mil
The property is about 500m far from the Haw Par Villa MRT Terminal on the Circle Line. It is likewise just within 2km of the National University of Singapore and also National University Hospital.
Gloria Mansion, a 12-storey freehold property project making up 31 apartments, was sold en bloc for $70.3 million to Fraxtor Capital and a team led by the family members workplaces of Daniel Teo as well as Teo Teck Weng in January. At The Same Time, Flynn Park, a 72-unit estate condo, was sold en bloc for $371 million ($ 1,355 psf ppr) to a joint business venture among Hoi Hup Realty as well as Sunway Developments in September 2021.
Chia Mein Mein, manager of funding markets (land and collective sale) at Knight Frank Singapore, marks that the 16,379 sq ft spot, which currently houses a single-storey bungalow with numerous privies, is suitable for redevelopment.
The guide price is near $1,099 psf accorded to the land area. For a proposed redevelopment of the area as much as the gross plot ratio of 1.4, the land rate works out to approximately $1,308 psf per plot ratio, featuring the land betterment cost, states Knight Frank Singapore.
Zoned for property use under the URA 2019 Master Plan, the location has a gross plot ratio of 1.4, which converts to a maximum gross floor location of just about 23,000 sq ft. It has a broad 43m front view along Pasir Panjang Road.
Mary Sai, Knight Frank Singapore’s managing director, resources markets, says the purchase of close-by developments Gloria Mansion and Flynn Park in the last months has propelled interest in the local area. “With the Greater Southern Beachfront change plan on the border, this posting is an exciting possibility for financiers as well as homeowners,” she incorporates.
” The real estate has the possible to be redeveloped right into possibly a store property project making up 21 units with a typical dimension of 1,076 sq ft, or landed dwellings such as bungalows, semi-detached or patio residences, based on permission from the relevant authorities,” claims Chia. She includes that the site would certainly attract big multi-generational or extended family groups seeking to develop a brand-new house.
The real property’s legal title is held by an one household. Chia emphasize that this presents a chance for instant redevelopment, without the need to go through the uncertainties of a collective sale. She anticipates eager attention in the tender given the location’s palatable price quantum, quick turnaround time as well as critical place.
A freehold residential site on Pasir Panjang Roadway is up for purchase by tender with a sign rate “over of $18 million”, states promotion agent Knight Frank Singapore.
The tender will close on Oct 13 at 3pm.
