Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil

The place is zoned “household” under the most up to date Master Plan with an allowed plot ratio of 2.8. This causes a prospective GFA of 20,400 sq ft, subject to confirmations.

The structure is about 300m from United Square Mall and is additionally close to Novena MRT Station on the North-South Line.

The property remains on a 7,300 sq ft plot and also has a gross flooring location (GFA) of 8,300 sq ft. The asking value translates to a land price of $917 psf per plot ratio, including development costs, claims Delasa. “At this cost, a builder may presume to break-even at around $1,800 psf, subject to approvals from the authorities,” states Karamjit Singh, CEO of Delasa.

He adds that this establishes the redevelopment chances for the area extra attractive for developers or capitalists to capitalise on the tight rental market. The place could be redeveloped right into a residence project with 22 units with a standard size of 915 sq ft, claims Singh.

Piccadilly Grand condo floor plan

According to the press launch, this construction has originally been put up for sale in November 2021 with an asking price of $18 million. A purchaser originally exercised the choice to purchase the property that month, however can not complete the purchase as a result of funding issues.

According to a statement by the advertising representative, the estate flats is being sold by a family-owned firm which built the property, Kartar Apartments, in the 1980s.

“In the process, the purchaser had actually gotten a recommendations from the Urban Redevelopment Authority in action to a provisional permission application sustaining the redevelopment of the plot right into a serviced condominium property,” states Singh.

A four-storey apartment at 41 & 43 Thomson Roadway has been offered by private treaty with an asking rate of $18.5 million. The building is marketed by building consultancy Delasa.