Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjoining spots at Ninety Seven and 99 Still Road along with 137 Koon Seng Rd have actually gotten offered via bidding beside a paired overview price of $21 million, revealed special advertising and marketing representative Coldwell Banker Richard Ellis.
The calculation turns out towards around $9hundred 60 psf per plot ratio, “subject to confirmation of development rates payable on merger of the 2 plots”.
97 & Ninety Nine Still Rd is possessed by 29-room Malacca Htl, while Hundred Thirty Seven Koon Seng Rd place a 2 floor non commercial block operated as a laborers’ housing including Malacca Hotel’s administrative department.
Being advertised as a group, the two spots are strategically placed at the crossroads of Koon Seng Rd and Still Rd. The plot offer an overall size of more or less 14,661 square ft furthermore are zoned for residential application under the 2019 Master Plan with a pr of 1.4.
The land stands a 15 min drive to both the CBD as well as Orchard Road, with proximate educational institutes featuring TNS plus CHIJ Katong Pri.
Coldwell Banker Richard Ellis Hotels Associate Dir Teo Junrong shared the place creates “a well timed yet uncommon venture for real estate investors to profit from the Katong/ Joo Chiat’s renewal, as property assets within this part of S’pore have stood firmly held over the yrs”.
“We are hopeful of the spot’s attraction, as initial queries with Urban Redevelopment Authority signified the fact that there will likely get marginal development costs, which will be a substantial positive aspect for builders striving to multiply or reload their landbank,” Teo mentioned.
“Financiers can certainly consider either to hold on to the present benefit or to rebuild the spot to integrate a boutique housing non-landed project. There is additionally the alternative of transforming the plot toward an one-of-a-kind co-stay building by having a merge of short visit as well as long lodge housing,” included Teo.
The bid for the pair of grounds discontinues on 24 March.