Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent grounds at 97 & 99 Still Rd and 137 Koon Seng Rd have actually gotten put up for sale by using bidding amidst a joined together overview quote of $21 mil, disclosed restricted advertising real estate agent Coldwell Banker Richard Ellis.
The calculation figures out to approximately $960 psf per plot ratio, “subject to acceptance of development rates due on merger of both spots”.
97 & 99 Still Road is taken up by Twenty-nine rooms Malacca Hotel, while 137 Koon Seng Road houses a two floor housing block utilized as a laborers’ housing alongside Malacca Htl’s official department.
Being offered as a bundle, both grounds are tactically located at the crossroads of Koon Seng Road and Still Rd. They possess an entire area of roughly 14,661 sq ft and also are sector for non commercial benefit under the 2K19 Master Plan with a plot ratio of 1.4.
The premises is a 15-minute travel to both of the Central Business District along with Orchard Road, along with neighboring schools involving Tao Nan School also Convent of the Holy Infant Jesus Katong Pri.
Coldwell Banker Richard Ellis Hotels Asso Dir Teo Junrong said the house offers “a uncommon however well timed venture for real estate investors to profit from the Katong/ Joo Chiat’s rejuvenation, as property possessions within this part of SGP have stayed tightly possessed beyond the yrs”.
“Our experts are confident of the plot’s elegance, as preliminary queries with Urban Redevelopment Authority signified that there will likely get nominal development expenses, which will become a significant perk element for creators securing to grow or restore their landbank,” Junrong shared.
“Financiers can contemplate a choice between to retain the current purpose or to redevelop the location to adapt a boutique domestic non-landed property. There is likewise the opportunity of transforming the spot into an extraordinary co-stay building with a mix of short stay plus stretched lodge room,” included Junrong.
The tender for both plots discontinues on 24Mar.