Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent spots at Ninety Seven and Ninety Nine Still Road and Hundred and Thirty-seven Koon Seng Rd have been offered by offer with a joined minimum rate of $Twenty One million, disclosed special advertising real estate agent Coldwell Banker Richard Ellis.
The calculation works out towards just about $9hundred 60 per sq ft ppr, “subject to approval of development expenses due on cooperate of the pair of grounds”.
Ninety Seven & 99 Still Road is utilized by 29-room Malacca Hotel, while Hundred Thirty Seven Koon Seng Road stands a 2 floor residence block applied being a workers’ accommodation in addition to Malacca Hotel’s admin department.
To be advertised as a set, the two areas are purposefully situated on the junction of Koon Seng Rd and Still Road. The sites feature a total measurement of just about 14.661K sq foot moreover stay zoned for housing benefit under the 2K19 Master Plan with a plot ratio of 1.4.
The property is a 15-minute ride to either the CBD along with Orchard Rd, by having proximate schools providing Tao Nan School furthermore CHIJ Katong Pri.
CBRE Htls Associate Dir Teo Junrong reported the place introduces “a well-timed and yet rare possibility for investors to maximize the Katong/ Joo Chiat’s revival, as property assets within this section of Singapore have actually stood closely kept beyond the yrs”.
“Our people are hopeful of the location’s elegance, as initial queries with URA indicated that there will get marginal development charges, which in turn are going to become a great benefit element for real estate investors wanting to enhance or reload their landbank,” Junrong announced.
“Financiers may take into consideration either to keep the existing purpose or to rebuild the area to integrate a boutique housing non-landed development. There is similarly the choice of transforming the area into a special shared living building with a merge of short stay and also much longer stay housing,” further mentioned Junrong.
The bid for the 2 grounds ends on 24 March.