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 Hundred and Thirty-seven Koon Seng Road have already gotten placed in the market through offer amidst a combined advice cost of $21 million, uncovered exclusive promotion rep CBRE.
The calculation formulates towards around $960 psf ppr, “based on acceptance of development rates payable on cooperate of the 2 locations”.
97 & 99 Still Rd is inhabited by 29-room Malacca Hotel, while Hundred Thirty Seven Koon Seng Road stands a two level domestic building applied being a workers’ dormitory and also Malacca Hotel’s admin workplace.
Being marketed as a bundle, both locations are tactically located at the junction of Koon Seng Road and Still Rd. They come with a full measurement of about 14,661 sq ft as well as exist sector for non commercial utilization under the 2K19 Master Plan with a pr of 1.4.
The residential property stands a 15-minute travel to both of the Central Business District and also Orchard Road, along with nearby academic institutes having TNS also CHIJ Katong Pri.
CBRE Htls Associate Dir Teo Junrong reported the residential property creates “a timely yet rare chance for financiers to maximize the Katong/ Joo Chiat’s restoration, as housing possessions in this particular section of Singapore have actually been firmly kept beyond the years”.
“Our experts are positive of the site’s appeal, as early queries with Urban Redevelopment Authority suggested that there will be marginal development fees, which in turn will become a significant perk point for developers looking for to enhance or replenish their landbank,” he claimed.
“Investors can certainly take into account a choice between to maintain the present purpose or to rebuild the plot to fit a boutique housing non-landed development. There is also the opportunity of changing the location toward a special shared living building with a mix of short visit plus long stay lodging,” further mentioned Teo.
The bid for both sites terminates on 24 Mar.