Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil

According to a news release by the marketing representative, the estate high-rise apartment is being marketed by a family-owned firm which developed the structure, Kartar Apartments, in the 1980s.

According to the press launch, this development has at first been put up for sale in November 2021 with an asking quote of $18 million. An investor initially exercised the option to buy the real estate that month, yet can not complete the order because of funding problems.

He adds that this establishes the redevelopment opportunities for the area extra attractive for developers or capitalists to capitalise on the tight rental market. The area could be redeveloped into a condo project with 22 units with a standard size of 915 sq ft, claims Singh.

The structure is about 300m from United Square Shopping Center as well as is likewise close to Novena MRT Station on the North-South Line.

“While doing so, the consumer had obtained a recommendations from the Urban Redevelopment Authority in feedback to a provisional consent application sustaining the redevelopment of the plot into a serviced condominium development,” claims Singh.

The area is zoned “domestic” under the current Master Plan with a permitted plot rate of 2.8. This results in a prospective GFA of 20,400 sq ft, based on approvals.

Canninghill Piers condo price

The residential property rests on a 7,300 sq ft plot and also has a gross floor location (GFA) of 8,300 sq ft. The requesting price equate to a land price of $917 psf per plot ratio, consisting of property fees, says Delasa. “At this rate, a builder might anticipate to break-even at around $1,800 psf, based on authorizations from the authorities,” claims Karamjit Singh, CEO of Delasa.

A four-storey apartment building at 41 & 43 Thomson Road has actually been put up for sale by private treaty with an asking cost of $18.5 million. The property is marketed by real estate consultancy Delasa.

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