Freehold residential site in Pasir Panjang up for sale at $18 mil
Gloria Mansion, a 12-storey property residence property making up 31 condos, was marketed en masse for $70.3 million to Fraxtor Capital and a group led by the family members offices of Daniel Teo and Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit property condo, was offered en masse for $371 million ($ 1,355 psf ppr) to a joint investing between Hoi Hup Real Estate and Sunway Developments in September 2021.
Mary Sai, Knight Frank Singapore’s managing director, capital markets, says the sale of nearby developments Gloria Mansion and also Flynn Park in the previous months has propelled interest in the place. “With the Greater Southern Waterside improvement intend on the boundary, this listing is an exciting chance for capitalists and home owners,” she incorporates.
A property location on Pasir Panjang Road is up for purchase by tender with a measure price “in excess of $18 million”, states promotion agent Knight Frank Singapore.
The real estate’s legitimate title is held by a solo family members. Chia highlights that this presents a possibility for instant redevelopment, without the need to go through the unpredictabilities of a shared sale. She expects keen attraction in the tender offered the area’s palatable price quantum, fast turnaround time as well as critical location.
The overview price is around $1,099 psf based upon the acreage. For a recommended redevelopment of the spot up to the gross plot ratio of 1.4, the land rate works out to approximately $1,308 psf per plot ratio, including the land betterment fee, states Knight Frank Singapore.
Chia Mein Mein, head of resources markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft spot, which presently houses a single-storey bungalow with a number of privies, is perfect for redevelopment.
Zoned for home usage under the URA 2019 Master Plan, the place has a gross plot ratio of 1.4, which converts to a maximum gross floor area of nearly 23,000 sq ft. It has a vast 43m frontage along Pasir Panjang Roadway.
” The property has the prospective to be redeveloped into probably a boutique home development making up 21 units with a typical proportions of 1,076 sq ft, or landed houses such as bungalows, semi-detached or porch residences, based on authorization from the relevant experts,” says Chia. She adds that the location would interest big multi-generational or extended family groups seeking to build a new house.
The residential property is about 500m far from the Haw Par Villa MRT Terminal on the Circle Line. It is also in just 2km of the National University of Singapore and National University Hospital.
The tender will certainly close on Oct 13 at 3pm.
