Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent sites at Ninety Seven & 99 Still Rd along with Hundred and Thirty-seven Koon Seng Rd have actually gotten put up for sale using tender beside a consolidated minimum price of $21 mil, revealed restricted advertising and marketing real estate agent Coldwell Banker Richard Ellis.
The calculation figures out towards approximately $Nine hundred Sixty psf per plot ratio, “subject to approval of development charges payable on merger of both locations”.
97 & 99 Still Road is utilized by Twenty-nine rooms Malacca Hotel, while Hundred Thirty Seven Koon Seng Road place a 2 level residence building operated as an employees’ accommodation besides Malacca Hotel’s administrative office.
To be advertised as a package, both areas are conveniently placed on the crossroads of Koon Seng Rd and Still Road. The sites have an entire measurement of around 14.661K sq ft furthermore stay zoned for domestic use in the 2K19 Master Plan with a plot ratio of 1.4.
The land stands a 15 min drive to each of the CBD including Orchard Road, plus proximate educational institutions having TNS and also CHIJ Katong Primary.
CBRE Hotels Asso Dir Teo Junrong shared the home grants “a well-timed however scarce opportunity for capitalists to take advantage of the Katong/ Joo Chiat’s rejuvenation, as property properties in this particular section of S’pore have certainly gotten tightly held over the yrs”.
“Our experts are positive of the area’s appeal, as preliminary enquiries with Urban Redevelopment Authority pointed out the fact that there will be marginal development expenses, which in turn will be a substantial bonus factor for builders looking for to enhance or reload their landbank,” Junrong mentioned.
“Investors can certainly take into account a choice between to retain the existing usage or to reconstruct the plot to integrate a boutique residential non-landed property. There is likewise the opportunity of turning the ground into a special co-living product with a mix of short stay plus long stay housing,” continued Teo.
The tender for the pair of spots concludes on 24Mar.