Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjoining areas at 97 & 99 Still Road and also Hundred and Thirty-seven Koon Seng Road have already gotten put up for sale by means of bidding settting a paired overview quote of $Twenty One mil, broadcast unique promotion representative Coldwell Banker Richard Ellis.
The calculation turns out towards roughly $960 psf ppr, “subject to approval of development fees payable on combination of both locations”.
97 & 99 Still Road is taken up by 29-room Malacca Hotel, while 137 Koon Seng Rd place a 2 floor housing building used being a workers’ dormitory along with Malacca Hotel’s admin office space.
Being advertised as a package, both plots are purposefully situated at the junction of Koon Seng Road and Still Rd. The ground feature an entire area of more or less 14,661 sq ft moreover exist sector for non commercial application under the 2K19 Master Plan with a pr of 1.4.
The estate is a 15-minute drive to either the CBD and also Orchard Road, by having close-by educational institutes featuring Tao Nan School together with CHIJ Katong Primary.
CBRE Hotels Associate Director Teo Junrong reported the building presents “a well-timed however unusual opportunity for investors to maximize the Katong/ Joo Chiat’s revitalisation, as housing investments in this particular section of SGP have stood closely remained over the yrs”.
“Our team are optimistic of the area’s attractiveness, as preliminary queries with Urban Redevelopment Authority indicated that there will probably get minimal development expenses, which will be a significant bonus element for real estate investors securing to raise or refill their landbank,” Teo mentioned.
“Investors can take into account both to maintain the ongoing benefit or to reconstruct the spot to adapt a boutique housing non-landed project. There is likewise the alternative of converting the site toward an unique co-living product by having a mix of short visit and extensive stay room,” added Teo.
The offer for the 2 sites closes on 24Mar.