Freehold residential site in Pasir Panjang up for sale at $18 mil
The residential property is about 500m far away from the Haw Par Villa MRT Terminal on the Circle Line. It is also inside 2km of the National University of Singapore and National University Hospital.
The overview rate is almost $1,099 psf accorded to the land area. For a proposed redevelopment of the site as much as the gross plot ratio of 1.4, the land rate works out to about $1,308 psf per plot ratio, featuring the land enhancement cost, states Knight Frank Singapore.
” The residential property has the potential to be redeveloped into possibly a store housing development consisting of 21 units with a common measurements of 1,076 sq ft, or landed residential properties such as bungalows, semi-detached or patio homes, based on authorization from the relevant experts,” states Chia. She includes that the area would attract huge multi-generational or extended family groups seeking to develop a new home.
The real property’s legal title is held by a solo family members. Chia highlights that this presents a chance for prompt redevelopment, without the need to go through the uncertainties of a collective sale. She expects eager interest in the tender provided the location’s palatable price quantum, quick turnaround time and also critical area.
Zoned for property utilization under the URA 2019 Master Plan, the location has a great plot ratio of 1.4, which equates to an utmost gross flooring area of nearly 23,000 sq ft. It has a broad 43m front along Pasir Panjang Roadway.
Chia Mein Mein, manager of resources markets (land and collective sale) at Knight Frank Singapore, indicates that the 16,379 sq ft site, which at present houses a single-storey bungalow with several privies, is excellent for redevelopment.
Mary Sai, Knight Frank Singapore’s managing director, resources markets, states the sale of neighboring developments Gloria Mansion and also Flynn Park in the previous months has actually stimulated interest in the location. “With the Greater Southern Beachfront transformation plan on the boundary, this listing is an amazing opportunity for financiers and also homeowners,” she incorporates.
A freehold property site on Pasir Panjang Roadway is up for sale by tender with a measure rate “in excess of $18 million”, states marketing broker Knight Frank Singapore.
Gloria Mansion, a 12-storey estate household project making up 31 flats, was marketed en masse for $70.3 million to Fraxtor Capital and also a team led by the household workplaces of Daniel Teo and also Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit estate condo, was sold off en bloc for $371 million ($ 1,355 psf ppr) to a joint venture between Hoi Hup Realty and Sunway Developments in September 2021.
The tender will close on Oct 13 at 3pm.