Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
According to a press release by the marketing representative, the property apartment is being offered by a family-owned firm which built the structure, Kartar Apartments, in the 1980s.
A four-storey apartment at 41 & 43 Thomson Road has actually been sold by exclusive treaty with a demanding rate of $18.5 million. The property is marketed by real estate consultancy Delasa.
The building rests on a 7,300 sq ft plot as well as has a gross flooring location (GFA) of 8,300 sq ft. The requesting deal translates to a land price of $917 psf per plot ratio, consisting of development fees, says Delasa. “At this cost, a developer may presume to break-even at around $1,800 psf, based on authorizations from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
“While doing so, the consumer had actually obtained a guidance from the Urban Redevelopment Authority in action to a provisional approval application supporting the redevelopment of the plot into a serviced condominium project,” says Singh.
He adds that this establishes the redevelopment opportunities for the area much more appealing for developers or brokers to capitalise on the limited rental market. The place could be redeveloped right into a residence project with 22 units with a normal dimension of 915 sq ft, says Singh.
The building has to do with 300m from United Square Shopping Mall as well as is additionally near to Novena MRT Station on the North-South Line.
The site is zoned “residential” under the latest Master Plan with a permitted plot ratio of 2.8. This leads to a potential GFA of 20,400 sq ft, based on endorsements.
According to the press release, this construction has originally been put up for sale in November 2021 with a requesting value of $18 million. An investor at first exercised the alternative to buy the building that month, however can not complete the buy because of financing issues.
