Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment, a deluxe home developer, was developed in 2017 and also presently has $50 million value of plans in its pipe.
Silver Edge Investment Holdings won the bid at $475,000 over the overview price of $18 million, translating to a land rate of $1,128 psf.
Silver Edge Investment prepares to redevelop the location right into specific niche ground residences, according to its managing affiliate Christopher Tong. He assumes the future residences at the site to appeal to home buyers who aspire to “reside in an exciting location throughout the well-known property territory at Pasir Panjang”.
“The property is tactically set within rich greenery with very easy accessibility to West Coast Park, Southern Ridges along with various other environment-friendly places around the upcoming Greater Southern Waterfront,” says Mary Sai, managing director of financing markets at Knight Frank Singapore.
Chia anticipates interest to come coming from the growth of the nearby wealth community including the addition of latest high-net-worth locals.
It stands beside lots of private houses, and is in just walking range 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 ride away.
A property residential redevelopment spot on 303 as well as 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which serviced the deal.
More residential projects in Silver Edge Investment’s pipeline include 2 separated bungalows on 52 Wilkinson Road and a single separated home at 37 Poole Road, both scheduled for finish by the end of 2022.
The Pasir Panjang Road location has a land area of 16,379 sq ft and is zoned property usage with a gross plot ratio of 1.4. The existing development includes a primary single-storey bungalow with numerous privies.
“This estate got eager interest from prospective clients trying to find a palatable-sized redevelopment chance with exceptional locational qualities,” says Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The possibility for redevelopment into houses or landed residences was a major draw, she adds.
The tender exercise was released on Sept 15 and also closed on Oct 13.