Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent grounds at Ninety Seven plus Ninety Nine Still Road and 137 Koon Seng Road have already been offered by means of tender amidst a paired overview cost of $21 mil, shared unique promotion and marketing real estate agent CBRE.
This works out towards approximately $Nine hundred Sixty psf ppr, “based on verification of development fees due on cooperate of both grounds”.
Ninety Seven & Ninety Nine Still Rd is possessed by Twenty-nine rooms Malacca Hotel, while Hundred Thirty Seven Koon Seng Rd houses a 2 floor non commercial building made use of as a laborers’ housing alongside Malacca Hotel’s management business office.
To be advertised as a bunch, both areas are tactically situated at the crossroads of Koon Seng Rd and Still Rd. They feature a whole size of more or less 14.661K sq ft and also stay sector for housing benefit under the 2019 Master Plan with a plot ratio of 1.4.
The premises stands a 15 min commute to either the CBD along with Orchard Road, plus close-by schools having TNS furthermore Convent of the Holy Infant Jesus Katong Pri.
Coldwell Banker Richard Ellis Hotels Asso Director Teo Junrong said the residence grants “a scarce and yet timely chance for investors to maximize the Katong/ Joo Chiat’s revitalisation, as property properties in this particular area of S’pore have certainly been securely maintained over the years”.
“Our people are positive of the plot’s attractiveness, as first questionings with URA identified that there will likely be very little development rates, that are going to become a substantial plus point for construtors looking for to escalate or reload their landbank,” Junrong revealed.
“Investors may take into consideration a choice between to keep the present usage or to rebuild the location to integrate a boutique residence non-landed project. There is similarly the option of turning the spot right into an extraordinary shared living building with a merge of short lodge and also much longer lodge housing,” further mentioned Teo.
The bid for both grounds wraps up on 24Mar.