Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been put up for sale by exclusive treaty with an asking rate of $18.5 million. The residential property is marketed by property consultancy Delasa.
The place is zoned “domestic” under the most recent Master Plan with a permitted plot ratio of 2.8. This causes a prospective GFA of 20,400 sq ft, subject to permissions.
According to an announcement by the advertising agent, the property apartment is being marketed by a family-owned firm which constructed the development, Kartar Apartments, in the 1980s.
“While doing so, the consumer had actually gotten a recommendations from the Urban Redevelopment Authority in response to a provisionary approval application helping the redevelopment of the plot into a serviced condo development,” claims Singh.
According to the press release, this project has initially been offered in November 2021 with an asking cost of $18 million. An investor at first exercised the alternative to acquire the property that month, yet might not finish the transaction as a result of financing problems.
He adds that this establishes the redevelopment opportunities for the place much more appealing for property developers or financiers to capitalise on the tight rental market. The location could be redeveloped right into a residence property with 22 units with a typical size of 915 sq ft, claims Singh.
The real estate rests on a 7,300 sq ft plot as well as has a gross flooring location (GFA) of 8,300 sq ft. The requesting value equate to a land rate of $917 psf per plot ratio, consisting of development fees, states Delasa. “At this price, a builder may expect to break-even at around $1,800 psf, based on authorizations from the authorities,” claims Karamjit Singh, CEO of Delasa.
The building is about 300m from United Square Shopping Mall and is also close to Novena MRT Station on the North-South Line.