Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The structure is about 300m from United Square Shopping Mall as well as is also near Novena MRT Station on the North-South Line.
According to a news release by the advertising agent, the estate apartment building is being sold by a family-owned firm which developed the property, Kartar Apartments, in the 1980s.
He adds that this makes the redevelopment possibilities for the site extra eye-catching for property developers or investors to capitalise on the tight rental market. The place could be redeveloped into a flat property with 22 units with a standard dimension of 915 sq ft, states Singh.
A four-storey apartment building at 41 & 43 Thomson Road has actually been put up for sale by exclusive treaty with a demanding cost of $18.5 million. The building is marketed by property consultancy Delasa.
“At the same time, the purchaser had actually gotten a recommendations from the Urban Redevelopment Authority in feedback to a provisionary permission application helping the redevelopment of the plot right into a serviced condominium development,” states Singh.
According to the press release, this development has actually at first been put up for sale in November 2021 with an asking price of $18 million. A purchaser initially exercised the alternative to purchase the real estate that month, but might not complete the order due to financing problems.
The building rests on a 7,300 sq ft plot as well as has a gross flooring location (GFA) of 8,300 sq ft. The requesting deal translates to a land price of $917 psf per plot ratio, including property costs, claims Delasa. “At this price, a builder might expect to break-even at around $1,800 psf, based on approvals from the authorities,” claims Karamjit Singh, CEO of Delasa.
The site is zoned “residential” under the most recent Master Plan with a permitted plot ratio of 2.8. This causes a possible GFA of 20,400 sq ft, subject to confirmations.