Freehold residential site in Pasir Panjang up for sale at $18 mil
Gloria Mansion, a 12-storey estate residence development consisting of 31 condos, was sold en masse for $70.3 million to Fraxtor Capital as well as a group led by the family offices of Daniel Teo as well as Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit freehold apartment, was sold off en masse for $371 million ($ 1,355 psf ppr) to a joint venture amongst Hoi Hup Real Estate as well as Sunway Developments in September 2021.
” The building has the potential to be redeveloped into either a boutique residential project consisting of 21 units with an average size of 1,076 sq ft, or landed houses such as bungalows, semi-detached or balcony homes, subject to permission from the appropriate authorities,” says Chia. She includes that the location would certainly attract big multi-generational or extended family members wanting to develop a new home.
The real estate is about 500m far from the Haw Par Villa MRT Station on the Circle Line. It is also in just 2km of the National University of Singapore and also National University Hospital.
A property site on Pasir Panjang Road is up for sale by tender with an indicative price “over of $18 million”, says advertising agent Knight Frank Singapore.
Chia Mein Mein, head of funding markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft spot, which currently houses a single-storey home with numerous privies, is suitable for redevelopment.
Zoned for residential usage under the URA 2019 Master Plan, the site has a great plot ratio of 1.4, which equates to an optimum gross floor area of almost 23,000 sq ft. It has a vast 43m front view along Pasir Panjang Road.
The property’s legal title is held by a single family. Chia highlights that this offers a chance for instant redevelopment, in the absence of the need to experience the uncertainties of a shared sale. She prepares for eager interest in the tender provided the location’s palatable rate quantum, fast turnaround time as well as tactical area.
Mary Sai, Knight Frank Singapore’s executive supervisor, funding markets, says the sale of neighboring developments Gloria Mansion and also Flynn Park in the recent months has stimulated interest in the location. “With the Greater Southern Waterfront improvement intend on the boundary, this posting is an exciting opportunity for capitalists and also house owners,” she adds.
The guide cost is approximately $1,099 psf based upon the acreage. For a recommended redevelopment of the spot as much as the gross plot ratio of 1.4, the land rate exercises to approximately $1,308 psf per plot ratio, providing the land enhancement cost, states Knight Frank Singapore.
The tender will certainly close on Oct 13 at 3pm.