Freehold residential site in Pasir Panjang up for sale at $18 mil
Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft site, which presently houses a single-storey bungalow with a number of outhouses, is excellent for redevelopment.
The guide price is around $1,099 psf based on the acreage. For a proposed redevelopment of the area as much as the gross plot ratio of 1.4, the land price works out to approximately $1,308 psf per plot ratio, providing the land enhancement cost, claims Knight Frank Singapore.
Gloria Mansion, a 12-storey property household project making up 31 apartments, was offered en masse for $70.3 million to Fraxtor Capital and a group led by the family workplaces of Daniel Teo and also Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit property condo, was offered en masse for $371 million ($ 1,355 psf ppr) to a shared venture between Hoi Hup Realty as well as Sunway Developments in September 2021.
The property’s lawful title is held by a solo family. Chia highlights that this presents an opportunity for prompt redevelopment, without the requirement to experience the unpredictabilities of a shared sale. She expects keen attention in the tender offered the location’s palatable cost quantum, fast turnaround time as well as strategic area.
Zoned for home utilization under the URA 2019 Master Plan, the location has a gross plot ratio of 1.4, which translates to an utmost gross floor location of nearly 23,000 sq ft. It has a large 43m frontage along Pasir Panjang Roadway.
Mary Sai, Knight Frank Singapore’s corporate director, capital markets, says the selling of nearby buildings Gloria Mansion and Flynn Park in the last months has spurred interest in the area. “With the Greater Southern Waterside makeover intend on the border, this site is an interesting possibility for financiers and also home owners,” she adds.
The real estate is about 500m far away from the Haw Par Villa MRT Terminal on the Circle Line. It is also just within 2km of the National University of Singapore and National University Hospital.
” The home has the potential to be redeveloped right into probably a shop property making up 21 units with an ordinary dimension of 1,076 sq ft, or landed homes such as bungalows, semi-detached or balcony residences, subject to confirmation from the appropriate authorities,” claims Chia. She adds that the site would entice huge multi-generational or extended households wanting to build a brand-new home.
An estate residential location on Pasir Panjang Road is up for sale by tender with a measure rate “in excess of $18 million”, claims promotion representative Knight Frank Singapore.
The tender will close on Oct 13 at 3pm.