Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The place is zoned “household” under the latest Master Plan with an allowable plot rate of 2.8. This results in a prospective GFA of 20,400 sq ft, based on approvals.
“In the process, the client had acquired an advice from the Urban Redevelopment Authority in response to a provisional approval application helping the redevelopment of the plot right into a serviced condo development,” states Singh.
The property rests on a 7,300 sq ft plot and also has a gross floor area (GFA) of 8,300 sq ft. The asking cost translates to a land rate of $917 psf per plot ratio, involving development costs, says Delasa. “At this value, a builder may anticipate to break-even at around $1,800 psf, based on authorizations from the authorities,” claims Karamjit Singh, CEO of Delasa.
The building is about 300m from United Square Shopping Center as well as is also close to Novena MRT Terminal on the North-South Line.
According to the press release, this development has actually originally been offered in November 2021 with a seeking cost of $18 million. A buyer originally set the alternative to buy the building that month, yet can not complete the buy as a result of financing concerns.
He adds that this makes the redevelopment opportunities for the place much more attractive for developers or financiers to capitalise on the tight rental market. The location could be redeveloped into a condo development with 22 units with a typical dimension of 915 sq ft, says Singh.
A four-storey apartment building at 41 & 43 Thomson Road has been offered by personal treaty with a demanding price of $18.5 million. The building is marketed by real estate consultancy Delasa.
According to a press release by the advertising agent, the property apartment is being marketed by a family-owned firm which developed the structure, Kartar Apartments, in the 1980s.
