Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The structure is about 300m from United Square Shopping Mall and also is also close to Novena MRT Station on the North-South Line.
The property rests on a 7,300 sq ft plot and has a gross flooring area (GFA) of 8,300 sq ft. The asking rate translates to a land rate of $917 psf per plot ratio, involving property costs, says Delasa. “At this price, a builder may anticipate to break-even at around $1,800 psf, subject to approvals from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
According to the press launch, this development has actually at first been offered in November 2021 with a requesting quote of $18 million. A purchaser initially exercised the alternative to acquire the real estate that month, however can not complete the purchase because of financing issues.
The area is zoned “domestic” under the most recent Master Plan with an allowed plot ratio of 2.8. This results in a potential GFA of 20,400 sq ft, subject to endorsements.
He adds that this establishes the redevelopment possibilities for the site much more eye-catching for property developers or brokers to capitalise on the limited rental market. The site could be redeveloped right into a residence project with 22 units with a typical size of 915 sq ft, claims Singh.
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been sold by private treaty with an asking price of $18.5 million. The residential property is marketed by building consultancy Delasa.
According to a news release by the marketing representative, the estate flats is being marketed by a family-owned business which developed the property, Kartar Apartments, in the 1980s.
“In the process, the purchaser had acquired an advice from the Urban Redevelopment Authority in response to a provisional permission application helping the redevelopment of the plot right into a serviced condo development,” states Singh.