Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent grounds at Ninety Seven plus 99 Still Rd and also Hundred and Thirty-seven Koon Seng Road have already gotten placed in the market by using tender with a combined guide value of $Twenty One mil, disclosed exclusive promotion and marketing real estate agent CBRE.
This works out towards about $960 psf ppr, “based on consent of development fees payable on merger of both areas”.
97 & Ninety Nine Still Rd is occupied by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Road houses a two floor housing building utilized as a workers’ dormitory and also Malacca Hotel’s admin office space.
Being sold as a group, the 2 locations are purposefully placed at the crossroads of Koon Seng Rd and Still Rd. The ground come with an entire measurement of more or less 14.661K square foot and also stay sector for household application under the 2019 Master Plan with a pr of 1.4.
The premises is a 15 min ride to both of the CBD along with Orchard Rd, along with nearby academic bodies featuring Tao Nan School along with CHIJ Katong Primary.
Coldwell Banker Richard Ellis Htls Asso Dir Teo Junrong announced the residence introduces “a uncommon and yet appropriate possibility for capitalists to capitalize on the Katong/ Joo Chiat’s rejuvenation, as accommodation properties in this particular area of S’pore have been tightly kept over the yrs”.
“Our team are favorable of the location’s elegance, as first questionings with Urban Redevelopment Authority signified that there will probably get very little development charges, which will certainly be a substantial plus aspect for builders aiming to raise or supply their landbank,” Teo reported.
“Capitalists can certainly take into consideration either to retain the present purpose or to rebuild the area to house a boutique domestic non-landed project. There is likewise the opportunity of transforming the plot toward a different co-living building with a combine of short lodge and stretched visit room,” continued Teo.
The offer for the pair of spots terminates on 24 Mar.