Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjacent spots at 97 and Ninety Nine Still Rd and Hundred and Thirty-seven Koon Seng Road have gotten placed in the market by using bidding with a joined together overview cost of $Twenty One million, uncovered restricted promotion and marketing representative Coldwell Banker Richard Ellis.
The calculation figures out towards just about $Nine hundred Sixty psf per plot ratio, “subject to consent of development costs payable on merger of both sites”.
97 & 99 Still Rd is occupied by 29-room Malacca Htl, while 137 Koon Seng Road place a 2 level residential block managed being a laborers’ accommodation including Malacca Htl’s official workplace.
Being offered as a group, the two locations are tactically located on the crossroads of Koon Seng Road and Still Rd. The location come with an overall measurement of just about 14.661K sq foot and also are zoned for residential benefit in the 2019 Master Plan with a plot ratio of 1.4.
The apartment stands a 15-minute commute to either the CBD also Orchard Rd, alongside convenient educational institutes providing TNS furthermore Convent of the Holy Infant Jesus Katong Pri.
Coldwell Banker Richard Ellis Htls Asso Dir Teo Junrong said the residential property creates “a prompt and yet scarce venture for investors to profit from the Katong/ Joo Chiat’s renewal, as housing resources within this segment of Singapore have been closely possessed over the years”.
“Our people are positive of the ground’s attractiveness, as preliminary queries with Urban Redevelopment Authority pointed out that there will get low development charges, which are going to be a huge positive factor for creators aiming to boost or replenish their landbank,” Teo reported.
“Real estate investors are able to look at a choice between to preserve the ongoing benefit or to reconstruct the location to suit a boutique non commercial non-landed development. There is similarly the option of turning the plot into an unique co-stay building with a mix of short stay as well as stretched stay rental,” continued Junrong.
The tender for the two grounds terminates on 24 Mar.