Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent spots at Ninety Seven and 99 Still Road and also 137 Koon Seng Rd have already been offered through offer amidst a paired minimum cost of $21 million, communicated special advertising agent Coldwell Banker Richard Ellis.
The calculation figures out to around $9hundred 60 psf per plot ratio, “dependent on consent of development fees due on merger of the two areas”.
Ninety Seven & Ninety Nine Still Rd is possessed by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Rd stands a 2 level household block made use of being an employees’ housing in addition to Malacca Hotel’s administrative workplace.
Being advertised as a group, the two sites are strategically located at the junction of Koon Seng Road and Still Rd. They come with a complete surface area of more or less 14,661 square foot moreover are zoned for household usage in the 2019 Master Plan with a plot ratio of 1.4.
The apartment stands a 15-minute ride to each of the CBD and Orchard Road, with nearby schools providing TNS furthermore CHIJ Katong Primary.
CBRE Htls Asso Dir Teo Junrong stated the residential property shows “a appropriate and yet rare venture for real estate investors to profit from the Katong/ Joo Chiat’s renewal, as housing possessions inside the indicated section of Singapore have definitely been firmly persevered over the yrs”.
“Our people are favorable of the site’s elegance, as first questionings with Urban Redevelopment Authority pointed out the fact that there are going to be minimal development fees, which will certainly become a substantial plus aspect for builders seeking to increase or replenish their landbank,” Junrong said.
“Capitalists can think about both to hold on to the current purpose or to redevelop the spot to integrate a boutique residential non-landed project. There is similarly the option of changing the area toward a different co-stay building with a merge of short visit and also long visit housing,” added Junrong.
The offer for the 2 areas discontinues on 24Mar.