Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining plots at 97 plus Ninety Nine Still Road and also 137 Koon Seng Road have gotten placed in the market by means of bidding with a paired advice cost of $Twenty One million, exposed restricted promotion agent Coldwell Banker Richard Ellis.
This figures out to more or less $960 per sq foot per plot ratio, “subject to confirmation of development charges due on merger of the pair of locations”.
97 & Ninety Nine Still Road is inhabited by 29-room Malacca Hotel, while Hundred Thirty Seven Koon Seng Rd place a 2 floor residence building made use of as a laborers’ accommodation in addition to Malacca Hotel’s management department.
Being marketed as a bundle, both grounds are conveniently situated at the crossroads of Koon Seng Road and Still Rd. The area feature an entire stretch of more or less 14.661K sq ft and stay zoned for residential use in the 2K19 Master Plan with a pr of 1.4.
The property stands a 15-minute travel to each of the Central Business District plus Orchard Rd, plus neighboring academic bodies featuring TNS as well as Convent of the Holy Infant Jesus Katong Pri.
Coldwell Banker Richard Ellis Htls Associate Dir Teo Junrong stated the land grants “a scarce yet appropriate possibility for financiers to maximize the Katong/ Joo Chiat’s renewal, as accommodation possessions inside of this area of S’pore have stayed firmly held beyond the yrs”.
“Our team are confident of the location’s elegance, as preliminary questionings with Urban Redevelopment Authority specified that there will get marginal development rates, which will definitely become a huge positive aspect for builders seeking to improve or replenish their landbank,” Junrong reported.
“Financiers are able to take into consideration either to maintain the current benefit or to redevelop the ground to fit a boutique household non-landed property. There is at the same time the option of changing the ground toward an extraordinary co-living building with a merge of short stay and also much longer lodge housing,” added Junrong.
The tender for both locations discontinues on 24 March.