Pasir Panjang redevelopment site sold at S$1,128 psf
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Michelle Zhu
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THE tender for 303/305 Pasir Panjang Road has been awarded to luxury home developer Silver Edge Investment Holdings at S$475,000 above its S$18 million guide price, announced the property’s sole marketing agent Knight Frank on Thursday (Oct 20).
This translates to a land rate of about S$1,128 per square foot (psf) based on the freehold residential development site’s land area of 16,379 square feet.
The tender for 303/305 Pasir Panjang Road was launched on Sep 15 and closed on Oct 13.
The site houses a single-storey bungalow with several outhouses, and is zoned “residential” with a gross plot ratio of 1.4 under the Urban Redevelopment Authority Master Plan 2019.
Its legal title was said by Knight Frank’s head of capital markets (land and collective sale), Chia Mein Mein, to be held by a single family.
In the consultancy’s latest press statement, Chia said that 303/305 Pasir Panjang Road was well-received with keen interest.
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“Buyers were attracted to its potential for redevelopment into apartments or landed homes, subject to approval from the relevant authorities,” she added.
Christopher Tong, managing partner of the winning bidder Silver Edge Investment, shared plans to redevelop the site into “niche landed homes” for “homebuyers who aspire to live in an exciting locale within the established residential enclave at Pasir Panjang”.
According to the developer’s website, ongoing residential projects by Silver Edge Investment include a S$28 million contract for the development of two detached bungalows at 52 Wilkinson Road, as well as a S$15 million contract for a single detached bungalow at 37 Poole Road.
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Both projects are estimated to obtain the temporary occupation permit by December this year.
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