Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent plots at 97 plus 99 Still Road along with Hundred and Thirty-seven Koon Seng Rd have been offered through bidding beside an overall guide quote of $21 mil, broadcast exclusive promoting and marketing professional CBRE.
The calculation works out towards just about $Nine hundred Sixty per sq ft ppr, “based on confirmation of development expenses payable on merger of both sites”.
Ninety Seven & Ninety Nine Still Rd is taken up by Twenty-nine rooms Malacca Hotel, while Hundred Thirty Seven Koon Seng Road houses a two floor domestic block used as an employees’ quarters including Malacca Hotel’s admin business office.
To be retailed as a set, both locations are tactically located on the junction of Koon Seng Road and Still Road. They possess a whole area of about 14.661K sq foot and are sector for residence usage under the 2K19 Master Plan with a land ratio of 1.4.
The land is a 15 min ride to each of the CBD plus Orchard Rd, alongside nearby schools involving Tao Nan School furthermore Convent of the Holy Infant Jesus Katong Primary.
CBRE Htls Asso Dir Teo Junrong said the building introduces “a prompt yet uncommon chance for capitalists to take advantage of the Katong/ Joo Chiat’s revitalisation, as housing assets in this particular section of SGP have gotten firmly kept beyond the yrs”.
“Our people are optimistic of the location’s attraction, as preliminary enquiries with URA pointed out the fact that there will get minor development expenses, which will definitely be a huge positive element for construtors striving to boost or reload their landbank,” he revealed.
“Real estate investors can certainly consider probably to hold on to the existing purpose or to reconstruct the ground to accommodate a boutique residential non-landed property. There is likewise the option of changing the plot right into a special co-stay product by having a merge of short stay and also extensive lodge accommodation,” continued Teo.
The tender for both locations ends on 24March.