Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
The Pasir Panjang Road site has a land area of 16,379 sq ft and also is zoned residential usage with a gross plot ratio of 1.4. The occurring development consists of a main single-storey bungalow with a number of privies.
Some other non commercial projects in Silver Edge Investment’s pipeline consist of 2 detached homes on 52 Wilkinson Road and an one separated home at 37 Poole Road, both of these set up for finalization by the end of 2022.
Chia expects demand to come coming from the development of the nearby riches community and the addition of latest high-net-worth people.
“This property received eager interest from potential buyers seeking a palatable-sized redevelopment possibility with superb locational qualities,” claims Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The potential for redevelopment into homes or property houses was a major draw, she incorporates.
Silver Edge Investment Holdings gained the bid at $475,000 above the guide cost of $18 million, converting to a land rate of $1,128 psf.
A property residential redevelopment spot on 303 and also 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the deal.
“The real estate is purposefully set within lavish plant with effortless accessibility to West Coast Park, Southern Ridges plus other green spaces near the upcoming Greater Southern Waterfront,” claims Mary Sai, executive director of capital markets at Knight Frank Singapore.
Silver Edge Investment, a deluxe house property developer, was developed in 2017 and currently has $50 million worth of work in its own pipeline.
Silver Edge Investment plans to redevelop the site right into particular niche ground residences, according to its handling associate Christopher Tong. He anticipates the future residences at the site to appeal to house customers that intend “stay in an amazing location throughout the well established property enclave at Pasir Panjang”.
It lies next to numerous private houses, furthermore is in just strolling distance of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are actually a short ride away.
The tender exercise was launched on Sept 15 and closed on Oct 13.