Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The real estate sits on a 7,300 sq ft plot and has a gross flooring location (GFA) of 8,300 sq ft. The requesting cost equate to a land rate of $917 psf per plot ratio, consisting of development costs, claims Delasa. “At this price, a developer may presume to break-even at around $1,800 psf, based on approvals from the authorities,” states Karamjit Singh, Chief Executive Officer of Delasa.
“While doing so, the purchaser had gotten an advice from the Urban Redevelopment Authority in action to a provisional authorization application sustaining the redevelopment of the plot right into a serviced condominium property,” says Singh.
A four-storey apartment at 41 & 43 Thomson Roadway has been sold by private treaty with an asking rate of $18.5 million. The residential property is marketed by residential property consultancy Delasa.
The structure is about 300m from United Square Shopping Center and is likewise near Novena MRT Terminal on the North-South Line.
According to the press release, this project has originally been offered in November 2021 with an asking rate of $18 million. A purchaser originally exercised the choice to buy the residential property that month, yet can not complete the order as a result of financing problems.
According to a news release by the advertising representative, the freehold flats is being offered by a family-owned company which built the structure, Kartar Apartments, in the 1980s.
He adds that this establishes the redevelopment possibilities for the site more appealing for developers or capitalists to capitalise on the limited rental market. The area could be redeveloped right into an apartment development with 22 units with an average dimension of 915 sq ft, states Singh.
The site is zoned “residential” under the latest Master Plan with an allowable plot ratio of 2.8. This results in a possible GFA of 20,400 sq ft, based on confirmations.