Pasir Panjang redevelopment site for sale with guide price of over S$18m
Michelle Zhu
A FREEHOLD residential redevelopment site at 303/305 Pasir Panjang Road has been put up for sale by tender at an indicative guide price in excess of S$18 million.
In a press statement on Wednesday (Sep 14), sole marketing agent Knight Frank Singapore said the guide price works out to S$1,099 per square feet (psf) based on its land area of 16,379 square feet (sq ft).
For a proposed redevelopment of the site up to a gross plot ratio of 1.4 for apartments, the land rate works out to about S$1,308 psf per plot ratio (psf ppr) inclusive of land betterment charge.
According to Chia Mein Mein, Knight Frank’s head of capital markets (land and collective sale), the property’s legal title is held by a single family. This “presents an opportunity for immediate redevelopment without the need to go through the uncertainties of a collective sale”, she said.
A main single-storey bungalow and its several outhouses occupy the land plot. Its frontage spans about 43 metres onto Pasir Panjang Road. Located about 500 metres from the Haw Par Villa MRT Station along the Circle Line, the site has direct access to the West Coast Park and is 2 km from the National University of Singapore and National University Hospital.
“Given the palatable price quantum, fast turnaround time and strategic location of the site, we expect keen interest for this tender,” stated Chia.
Gloria Mansion, a 12-storey residential development at 292 Pasir Panjang Road, was successfully sold en bloc earlier this year for S$70.3 million. Another residential property in the area, Flynn Park, went for S$371 million in September 2021.
Knight Frank’s executive director of capital markets Mary Sai believes these 2 transactions in recent months have spurred interest in the Pasir Panjang area. “With the Greater Southern Waterfront transformation plan on the horizon, this listing is an exciting opportunity for investors and home-owners,” said Sai, referring to the URA’s (Urban Redevelopment Authority) transformation plans from Pasir Panjang to Marina East.
The tender for 303/305 Pasir Panjang Road will close at 3pm on Oct 13, 2022.
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