Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent sites at Ninety Seven plus Ninety Nine Still Road along with 137 Koon Seng Rd have gotten placed in the market by using tender beside a joined together advice value of $Twenty One mil, shared restricted advertising and marketing representative Coldwell Banker Richard Ellis.
The calculation works out to about $Nine hundred Sixty per square ft per plot ratio, “dependent on approval of development charges payable on merger of both areas”.
97 & 99 Still Road is taken up by 29-room Malacca Htl, while Hundred Thirty Seven Koon Seng Road houses a two level housing building utilized as a workers’ dormitory and also Malacca Hotel’s admin department.
Being sold as a bunch, both areas are tactically placed on the junction of Koon Seng Road and Still Rd. They have an entire size of just about 14,661 square ft as well as exist sector for residence purpose in the 2019 Master Plan with a pr of 1.4.
The residence stands a 15 min travel to each of the CBD and Orchard Rd, by having proximate schools providing TNS and also Convent of the Holy Infant Jesus Katong Primary.
Coldwell Banker Richard Ellis Htls Asso Director Teo Junrong stated the house grants “a unusual and yet well timed prospect for real estate investors to take benefit on the Katong/ Joo Chiat’s renewal, as property investments inside of the indicated section of S’pore have definitely stood tightly possessed over the yrs”.
“Our team are positive of the plot’s attraction, as initial questionings with URA identified that there will likely be minimal development fees, which will certainly be a big bonus point for builders searching to improve or supply their landbank,” Junrong stated.
“Financiers may consider probably to maintain the ongoing use or to redevelop the spot to suit a boutique household non-landed property. There is similarly the opportunity of changing the spot right into a different shared living building by having a blend of short visit and also extensive lodge rental,” added Junrong.
The tender for the 2 spots wraps up on 24 March.