Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining spots at 97 and Ninety Nine Still Road and 137 Koon Seng Road have actually been offered using tender settting an overall overview cost of $Twenty One million, uncovered restricted marketing and advertising representative CBRE.
This works out to roughly $960 psf ppr, “dependent on consent of development fees payable on combination of the two spots”.
Ninety Seven & 99 Still Road is utilized by 29-room Malacca Hotel, while Hundred Thirty Seven Koon Seng Rd place a 2 storey residence building made use of being an employees’ dormitory along with Malacca Hotel’s official department.
Being advertised as a group, both locations are tactically positioned on the crossroads of Koon Seng Rd and Still Rd. They have a full surface area of about 14,661 sq foot furthermore exist zoned for residential usage in the 2K19 Master Plan with a pr of 1.4.
The residential property stands a 15-minute travel to each the Central Business District and also Orchard Road, plus convenient academic institutions having Tao Nan Sch plus CHIJ Katong Primary.
CBRE Htls Associate Director Teo Junrong shared the house grants “a well-timed and yet uncommon venture for financiers to take benefit on the Katong/ Joo Chiat’s revival, as property possessions within this section of S’pore have actually stayed securely held over the yrs”.
“Our team are hopeful of the plot’s attraction, as first questionings with Urban Redevelopment Authority pointed out the fact that there will be minimal development fees, which in turn are going to be a great bonus factor for creators searching to boost or refill their landbank,” he claimed.
“Financiers may take into account either to keep the existing utilization or to rebuild the site to house a boutique household non-landed property. There is additionally the opportunity of transforming the site right into a special shared living building by having a combine of short lodge as well as stretched lodge room,” further mentioned Junrong.
The offer for both spots wraps up on 24 March.