Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent grounds at Ninety Seven plus 99 Still Road along with 137 Koon Seng Road have already gotten placed in the market by using tender beside a total advice rate of $Twenty One million, communicated exclusive marketing realtor Coldwell Banker Richard Ellis.
The calculation works out towards about $960 psf per plot ratio, “based on approval of development charges payable on cooperate of both grounds”.
Ninety Seven & 99 Still Rd is possessed by Twenty-nine rooms Malacca Hotel, while 137 Koon Seng Rd stands a two floor domestic building managed being a laborers’ accommodation alongside Malacca Htl’s official business office.
To be retailed as a set, the two spots are conveniently found on the junction of Koon Seng Rd and Still Road. They come with an entire area of more or less 14.661K square ft moreover stay zoned for non commercial application in the 2019 Master Plan with a pr of 1.4.
The property is a 15 min drive to each the CBD and also Orchard Road, with convenient educational institutes providing Tao Nan Sch plus CHIJ Katong Primary.
Coldwell Banker Richard Ellis Hotels Associate Dir Teo Junrong announced the place grants “a timely and yet rare possibility for real estate investors to maximize the Katong/ Joo Chiat’s revival, as accommodation investments inside of this area of Singapore have been closely held beyond the years”.
“Our people are confident of the location’s elegance, as first queries with Urban Redevelopment Authority signified the fact that there will be nominal development charges, which will definitely become a substantial positive aspect for real estate investors striving to strengthen or refill their landbank,” he said.
“Financiers may contemplate probably to preserve the present usage or to redevelop the location to house a boutique non commercial non-landed project. There is also the option of changing the ground into an extraordinary co-stay building by having a combine of short visit as well as extensive visit accommodation,” further mentioned Junrong.
The tender for both spots closes on 24 March.