Freehold residential site in Pasir Panjang up for sale at $18 mil

The property’s lawful title is held by a solo family. Chia emphasize that this provides an opportunity for instant redevelopment, in the absence of the requirement to go through the uncertainties of a shared sale. She anticipates eager interest in the tender offered the site’s palatable rate quantum, fast turnaround time and also critical place.

A property location on Pasir Panjang Roadway is up for purchase by tender with a sign rate “in excess of $18 million”, claims advertising representative Knight Frank Singapore.

Gloria Mansion, a 12-storey property residential development comprising 31 condos, was sold en bloc for $70.3 million to Fraxtor Capital as well as a group led by the household workplaces of Daniel Teo as well as Teo Teck Weng in January. On The Other Hand, Flynn Park, a 72-unit estate apartment, was marketed en bloc for $371 million ($ 1,355 psf ppr) to a shared investing amongst Hoi Hup Realty and Sunway Developments in September 2021.

Chia Mein Mein, manager of capital markets (land and collective sale) at Knight Frank Singapore, mentions that the 16,379 sq ft site, which already houses a single-storey home with several outhouses, is perfect for redevelopment.

Mary Sai, Knight Frank Singapore’s executive director, resources markets, states the selling of neighboring projects Gloria Mansion as well as Flynn Park in the past months has actually spurred interest in the location. “With the Greater Southern Beachfront improvement plan on the border, this posting is an amazing chance for investors and homeowners,” she includes.

Zoned for property use under the URA 2019 Master Plan, the site has a gross plot ratio of 1.4, which equates to a highest gross flooring area of nearly 23,000 sq ft. It has a large 43m front view along Pasir Panjang Roadway.

” The property has the prospective to be redeveloped right into probably a store house property consisting of 21 units with an average size of 1,076 sq ft, or landed houses such as bungalows, semi-detached or terrace homes, subject to authorization from the appropriate experts,” says Chia. She adds that the site would entice huge multi-generational or extended families looking to develop a brand-new house.

19 Nassim Singapore

The guide cost is around $1,099 psf based on the acreage. For a recommended redevelopment of the area approximately the gross plot ratio of 1.4, the land rate exercises to approximately $1,308 psf per plot ratio, providing the land improvement cost, claims Knight Frank Singapore.

The real estate is about 500m far away from the Haw Par Villa MRT Terminal on the Circle Line. It is also in just 2km of the National University of Singapore as well as National University Hospital.

The tender will close on Oct 13 at 3pm.

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