Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjoining plots at Ninety Seven and 99 Still Road and also Hundred and Thirty-seven Koon Seng Rd have already gotten offered using tender settting a joined guide value of $21 million, broadcast special marketing realtor CBRE.
The calculation works out towards just about $9hundred 60 per square ft per plot ratio, “subject to confirmation of development rates payable on cooperate of both locations”.
97 & Ninety Nine Still Road is taken up by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Rd stands a two floor housing block operated being an employees’ housing besides Malacca Hotel’s management department.
To be sold as a group, the 2 locations are tactically positioned on the crossroads of Koon Seng Road and Still Road. They offer a full stretch of around 14.661K square ft and also stay zoned for domestic benefit under the 2K19 Master Plan with a pr of 1.4.
The building stands a 15 min drive to both of the CBD along with Orchard Road, with convenient schools having Tao Nan School and Convent of the Holy Infant Jesus Katong Pri.
Coldwell Banker Richard Ellis Htls Asso Director Teo Junrong claimed the house creates “a appropriate but scarce possibility for investors to profit from the Katong/ Joo Chiat’s revival, as accommodation assets in this particular section of S’pore have actually gotten tightly held beyond the years”.
“We are favorable of the ground’s attraction, as first questionings with URA suggested the fact that there are going to be low development fees, which are going to be a significant benefit point for real estate investors looking for to escalate or renew their landbank,” Junrong shared.
“Real estate investors may take into consideration probably to hold on to the existing utilization or to rebuild the site to adapt a boutique housing non-landed property. There is also the opportunity of converting the area right into an unique shared living building with a merge of short lodge plus extensive lodge accommodation,” included Teo.
The tender for the 2 grounds terminates on 24 Mar.