Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
The Pasir Panjang Road site has an acreage of 16,379 sq ft as well as is zoned household use with a gross plot ratio of 1.4. The occurring property development includes a major single-storey bungalow with a number of outhouses.
“The residence is strategically set within lush greenery with very easy access to West Coast Park, Southern Ridges plus various other green locations around the upcoming Greater Southern Waterfront,” claims Mary Sai, executive supervisor of funding markets at Knight Frank Singapore.
Silver Edge Investment intends to redevelop the area right into specific niche ground residences, according to its supervising associate Christopher Tong. He anticipates the prospective homes at the area to interest residence buyers that aspire to “live in an amazing place inside the recognized domestic territory at Pasir Panjang”.
Silver Edge Investment Holdings gained the proposal at $475,000 on top of the guide fee of $18 million, converting to a land price of $1,128 psf.
Silver Edge Investment, a deluxe home property developer, was established in 2017 and also presently has $50 million worth of ventures in its own pipeline.
A freehold domestic redevelopment spot on 303 and 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the offer.
More non commercial proposals in Silver Edge Investment’s pipeline consist of 2 removed homes on 52 Wilkinson Road and even a single separated bungalow at 37 Poole Road, both of these set up for finish by the end of 2022.
“This estate received eager interest from potential clients looking for a palatable-sized redevelopment possibility with excellent locational qualities,” claims Chia Mein Mein, the head of financing markets (land and collective sale) at Knight Frank. The potential for redevelopment right into apartments or landed houses was a major draw, she includes.
It lies next to numerous exclusive homes, and is within strolling proximity of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are a short drive away.
Chia expects interest to follow directly from the development of the nearby riches population and the addition of new high-net-worth locals.
The tender exercise was introduced on Sept 15 and also closed on Oct 13.