Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjacent locations at 97 plus Ninety Nine Still Road and also Hundred and Thirty-seven Koon Seng Rd have recently gotten put up for sale via offer amidst an overall advice value of $21 million, communicated exclusive promotion and marketing representative Coldwell Banker Richard Ellis.
This works out to approximately $9hundred 60 psf per plot ratio, “dependent on consent of development fees due on merger of the two locations”.
97 & Ninety Nine Still Rd is possessed by Twenty-nine rooms Malacca Hotel, while Hundred Thirty Seven Koon Seng Road stands a two floor residence block utilized being a laborers’ dormitory along with Malacca Hotel’s admin office space.
To be marketed as a group, the 2 locations are conveniently standing on the junction of Koon Seng Road and Still Rd. They have a complete surface area of just about 14,661 sq ft furthermore are sector for domestic purpose in the 2019 Master Plan with a land ratio of 1.4.
The estate is a 15-minute trip to either the Central Business District including Orchard Rd, with proximate schools providing Tao Nan Sch together with Convent of the Holy Infant Jesus Katong Pri.
CBRE Hotels Associate Dir Teo Junrong mentioned the residential property creates “a well-timed and yet rare venture for real estate investors to take advantage of the Katong/ Joo Chiat’s revitalisation, as property possessions within this section of S’pore have stayed tightly maintained beyond the yrs”.
“Our team are confident of the location’s beauty, as early questionings with Urban Redevelopment Authority indicated that there will probably get minor development charges, which are going to be a big plus factor for construtors wanting to enhance or refill their landbank,” Teo reported.
“Financiers may consider both to keep the existing benefit or to reconstruct the area to adapt a boutique residential non-landed property. There is at the same time the option of changing the spot into a special co-living product by having a combine of short lodge and also stretched visit lodging,” included Teo.
The tender for both locations discontinues on 24 Mar.