Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining spots at 97 & 99 Still Road and also 137 Koon Seng Rd have been placed in the market by offer with a total guide quote of $Twenty One million, exposed exclusive promotion and marketing specialist CBRE.
This formulates towards just about $9hundred 60 psf ppr, “based on verification of development charges payable on merger of the pair of grounds”.
Ninety Seven & 99 Still Rd is inhabited by 29-room Malacca Htl, while 137 Koon Seng Road stands a two level domestic block used being a workers’ accommodation in addition to Malacca Htl’s admin workplace.
Being advertised as a bundle, the 2 spots are strategically situated at the junction of Koon Seng Road and Still Rd. They possess a total range of around 14.661K square foot and also stay zoned for residence use under the 2019 Master Plan with a pr of 1.4.
The land is a 15-minute drive to each the Central Business District and Orchard Rd, along with close-by educational bodies involving TNS furthermore CHIJ Katong Pri.
CBRE Htls Asso Director Teo Junrong announced the residence creates “a appropriate yet uncommon chance for investors to profit from the Katong/ Joo Chiat’s rejuvenation, as accommodation investments within this section of SGP have definitely continued tightly maintained beyond the yrs”.
“Our team are confident of the ground’s elegance, as initial enquiries with Urban Redevelopment Authority specified the fact that there will probably be nominal development costs, that will certainly be a great perk point for creators searching to enhance or restore their landbank,” Teo mentioned.
“Financiers are able to look at both to keep the current use or to rebuild the site to fit a boutique household non-landed property. There is likewise the alternative of converting the spot right into a different shared living product by having a blend of short lodge and stretched lodge rental,” added Junrong.
The bid for both sites wraps up on 24March.