Freehold residential site in Pasir Panjang up for sale at $18 mil

Mary Sai, Knight Frank Singapore’s corporate supervisor, resources markets, states the purchase of neighboring developments Gloria Mansion and also Flynn Park in the previous months has actually spurred interest in the local area. “With the Greater Southern Beachfront transformation intend on the border, this posting is an amazing possibility for investors and also homeowners,” she incorporates.

A property residential location on Pasir Panjang Roadway is up for purchase by tender with a measure rate “in excess of $18 million”, claims marketing representative Knight Frank Singapore.

Zoned for household use under the URA 2019 Master Plan, the place has a great plot ratio of 1.4, which translates to a maximum gross floor area of roughly 23,000 sq ft. It has a large 43m front along Pasir Panjang Roadway.

The building’s legitimate title is held by a single family. Chia highlights that this offers a possibility for prompt redevelopment, without the demand to undergo the unpredictabilities of a shared sale. She prepares for keen interest in the tender provided the site’s attractive price quantum, quick turnaround time and strategic area.

Gloria Mansion, a 12-storey estate property project comprising 31 condominiums, was offered en masse for $70.3 million to Fraxtor Capital and also a group led by the family members offices of Daniel Teo and also Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit property condo, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a shared business venture among Hoi Hup Realty and Sunway Developments in September 2021.

The property is about 500m far from the Haw Par Villa MRT Station on the Circle Line. It is additionally inside 2km of the National University of Singapore as well as National University Hospital.

Midtown Bay condo

Chia Mein Mein, head of resources markets (land and collective sale) at Knight Frank Singapore, indicates that the 16,379 sq ft location, which already houses a single-storey home with numerous privies, is suitable for redevelopment.

The overview rate is almost $1,099 psf based on the land area. For a recommended redevelopment of the place up to the gross plot ratio of 1.4, the land price works out to roughly $1,308 psf per plot ratio, featuring the land improvement expense, says Knight Frank Singapore.

” The real estate has the prospective to be redeveloped right into probably a shop property development making up 21 units with a common measurements of 1,076 sq ft, or landed residences such as bungalows, semi-detached or balcony homes, based on confirmation from the relevant experts,” states Chia. She includes that the site would attract big multi-generational or extended family members wanting to develop a new home.

The tender will certainly close on Oct 13 at 3pm.

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