Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The structure is about 300m from United Square Shopping Mall and is likewise near Novena MRT Terminal on the North-South Line.
According to the press release, this project has at first been put up for sale in November 2021 with a requesting quote of $18 million. A purchaser at first exercised the alternative to acquire the residential property that month, yet might not complete the purchase as a result of funding concerns.
The place is zoned “property” under the most recent Master Plan with an allowed plot ratio of 2.8. This leads to a possible GFA of 20,400 sq ft, subject to approvals.
The property remains on a 7,300 sq ft plot and has a gross flooring location (GFA) of 8,300 sq ft. The asking deal equate to a land price of $917 psf per plot ratio, consisting of development fees, says Delasa. “At this rate, a builder may anticipate to break-even at around $1,800 psf, based on approvals from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
According to a notice by the advertising representative, the freehold apartment is being marketed by a family-owned business which built the property, Kartar Apartments, in the 1980s.
“In the process, the client had actually obtained a suggestions from the Urban Redevelopment Authority in response to a provisionary consent application supporting the redevelopment of the plot into a serviced condominium property,” says Singh.
He adds that this establishes the redevelopment possibilities for the place a lot more attractive for property developers or financiers to capitalise on the limited rental market. The location could be redeveloped right into an apartment development with 22 units with a normal size of 915 sq ft, claims Singh.
A four-storey apartment at 41 & 43 Thomson Roadway has actually been put up for sale by personal treaty with an asking price of $18.5 million. The real estate is marketed by building consultancy Delasa.