Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
A freehold domestic redevelopment spot on 303 and 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the offer.
“The residential property is purposefully established within lavish plant with very easy accessibility to West Coast Park, Southern Ridges plus various other green locations along the upcoming Greater Southern Waterfront,” claims Mary Sai, executive director of financing markets at Knight Frank Singapore.
Silver Edge Investment, a luxury residence property developer, was developed in 2017 and currently has $50 million value of projects in its pipeline.
Silver Edge Investment plans to redevelop the site into niche ground residences, according to its managing partner Christopher Tong. He anticipates the prospective residences at the area to appeal to residence customers that desire “live in an amazing place throughout the established domestic territory at Pasir Panjang”.
Other domestic projects in Silver Edge Investment’s pipeline consist of two detached bungalows on 52 Wilkinson Road and a solo detached bungalow at 37 Poole Road, both set up for finalization by the end of 2022.
“This property received eager interest from possible purchasers trying to find a palatable-sized redevelopment possibility with outstanding locational attributes,” claims Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The possibility for redevelopment into homes or landed residences was a main draw, she adds.
It is located next to many personal residences, and is just within walking distance of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and Mapletree Business Park are a quick travel away.
Silver Edge Investment Holdings earned the proposal at $475,000 above the overview price of $18 million, converting to a land rate of $1,128 psf.
The Pasir Panjang Road site has an acreage of 16,379 sq ft as well as is zoned residential use with a gross plot rate of 1.4. The occurring property development contains a primary single-storey bungalow with numerous outhouses.
Chia expects interest to follow directly from the expansion of the neighborhood wealth people together with the addition of new high-net-worth locals.
The tender exercise was introduced on Sept 15 and closed on Oct 13.