Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining sites at Ninety Seven & Ninety Nine Still Rd and 137 Koon Seng Road have actually gotten offered by means of bidding settting a combined overview value of $Twenty One mil, disclosed exclusive marketing and advertising representative Coldwell Banker Richard Ellis.
The calculation turns out to about $9hundred 60 psf ppr, “subject to validating of development rates payable on merger of the 2 plots”.
Ninety Seven & Ninety Nine Still Rd is possessed by 29-room Malacca Htl, while 137 Koon Seng Road place a two storey non commercial building managed being a workers’ dormitory as well as Malacca Hotel’s admin workplace.
To be advertised as a set, both plots are purposefully found at the junction of Koon Seng Rd and Still Rd. The plot offer an overall stretch of roughly 14.661K sq ft and also are zoned for non commercial use under the 2K19 Master Plan with a land ratio of 1.4.
The premises stands a 15 min drive to each the Central Business District and Orchard Rd, alongside close-by schools consisting of Tao Nan Sch and Convent of the Holy Infant Jesus Katong Primary.
Coldwell Banker Richard Ellis Hotels Asso Dir Teo Junrong stated the apartment creates “a rare yet well timed venture for investors to maximize the Katong/ Joo Chiat’s revitalisation, as housing investments in this particular area of SGP have definitely continued securely persevered over the years”.
“Our team are optimistic of the site’s beauty, as preliminary questionings with Urban Redevelopment Authority indicated that there will probably be marginal development costs, that are going to become a significant benefit aspect for real estate investors pursuing to expand or supply their landbank,” Teo stated.
“Financiers can contemplate both to keep the ongoing use or to redevelop the spot to house a boutique housing non-landed development. There is similarly the choice of changing the spot right into a different shared living product with a combine of short stay as well as long lodge housing,” added Teo.
The tender for the pair of spots wraps up on 24March.