Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment plans to redevelop the site into specific niche ground homes, according to its managing partner Christopher Tong. He anticipates the potential homes at the place to attract residential property purchasers that seek “stay in an impressive locale throughout the well established property territory at Pasir Panjang”.
“The residence is purposefully set up within rich greenery with effortless access to West Coast Park, Southern Ridges plus various other eco-friendly places near the upcoming Greater Southern Waterfront,” claims Mary Sai, managing supervisor of funding markets at Knight Frank Singapore.
Some other property plans in Silver Edge Investment’s pipeline feature two separated bungalows on 52 Wilkinson Road and a solo separated bungalow at 37 Poole Road, both set up for finalization lattermost of 2022.
“This estate received keen interest from potential clients searching for a palatable-sized redevelopment opportunity with excellent locational features,” says Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The possibility for redevelopment into apartments or property homes was a primary draw, she adds.
A property domestic redevelopment spot on 303 and 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to a news release on Oct 20 from Knight Frank, which brokered the agreement.
Chia anticipates demand to come coming from the expansion of the regional wealth people including the addition of latest high-net-worth residents.
It stands next to several private homes, and is within strolling distance of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are a brief travel away.
The Pasir Panjang Road location has a land area of 16,379 sq ft as well as is zoned property use with a gross plot ratio of 1.4. The existing development consists of a major single-storey bungalow with a number of privies.
Silver Edge Investment Holdings gained the quote at $475,000 above the guide fee of $18 million, equating to a land rate of $1,128 psf.
Silver Edge Investment, a luxury house property developer, was built in 2017 and presently has $50 million value of ventures within its own pipeline.
The tender exercise was launched on Sept 15 and also sealed on Oct 13.