Freehold residential site in Pasir Panjang up for sale at $18 mil
A freehold residential site on Pasir Panjang Roadway is up for sale by tender with an indicative cost “over of $18 million”, says marketing broker Knight Frank Singapore.
Mary Sai, Knight Frank Singapore’s executive supervisor, resources markets, says the sale of neighboring buildings Gloria Mansion and Flynn Park in the past months has stimulated interest in the local area. “With the Greater Southern Waterside makeover intend on the horizon, this posting is an exciting chance for financiers and property owners,” she adds.
Zoned for home utilization under the URA 2019 Master Plan, the site has a great plot ratio of 1.4, which equates to an optimum gross floor area of roughly 23,000 sq ft. It has a wide 43m front view along Pasir Panjang Roadway.
The overview price is approximately $1,099 psf accorded to the land area. For a proposed redevelopment of the site up to the gross plot ratio of 1.4, the land rate exercises to approximately $1,308 psf per plot ratio, providing the land improvement charge, claims Knight Frank Singapore.
Chia Mein Mein, manager of funding markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft site, which at present houses a single-storey home with numerous outhouses, is optimal for redevelopment.
The real estate is about 500m far from the Haw Par Villa MRT Terminal on the Circle Line. It is also in just 2km of the National University of Singapore as well as National University Hospital.
” The property has the potential to be redeveloped into probably a shop house project consisting of 21 units with a common size of 1,076 sq ft, or landed houses such as bungalows, semi-detached or balcony residences, subject to authorization from the pertinent experts,” says Chia. She includes that the site would attract huge multi-generational or extended families seeking to build a brand-new house.
The real property’s legitimate title is held by an one family. Chia emphasize that this provides an opportunity for instant redevelopment, in the absence of the requirement to go through the unpredictabilities of a shared sale. She expects keen attention in the tender given the site’s attractive rate quantum, fast turnaround time as well as strategic place.
Gloria Mansion, a 12-storey estate residence development consisting of 31 apartments, was sold en bloc for $70.3 million to Fraxtor Capital and a team led by the family firms of Daniel Teo and Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit freehold condominium, was marketed en masse for $371 million ($ 1,355 psf ppr) to a shared business venture amongst Hoi Hup Realty and also Sunway Developments in September 2021.
The tender will certainly close on Oct 13 at 3pm.