Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil

An estate property redevelopment site on 303 and also 305 Pasir Panjang Road was marketed to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which serviced the agreement.

The Pasir Panjang Road site has a land area of 16,379 sq ft as well as is zoned residential use with a gross plot ratio of 1.4. The occurring property development consists of a major single-storey bungalow with numerous privies.

It is located beside several personal houses, and is in just walking range of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are a brief ride away.

Silver Edge Investment, a luxury house developer, was built in 2017 and also presently has $50 million value of projects within its own pipeline.

Other property plans in Silver Edge Investment’s pipeline include two separated homes on 52 Wilkinson Road also a single detached home at 37 Poole Road, both scheduled for completion at the end of 2022.

“The residential property is purposefully set within lavish plant with very easy access to West Coast Park, Southern Ridges along with various other environment-friendly locations along the upcoming Greater Southern Waterfront,” claims Mary Sai, executive supervisor of capital markets at Knight Frank Singapore.

Perfect Ten Condo floor plan

Silver Edge Investment plans to redevelop the location into niche landed residences, according to its handling associate Christopher Tong. He presumes the potential residences at the place to interest home investors who seek “reside in an exciting locale throughout the established residential territory at Pasir Panjang”.

Silver Edge Investment Holdings gained the bid at $475,000 on top of the guide price of $18 million, equating to a land price of $1,128 psf.

“This residential property obtained eager interest from possible clients trying to find a palatable-sized redevelopment opportunity with outstanding locational qualities,” states Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The possibility for redevelopment into flats or property houses was a main draw, she incorporates.

Chia anticipates demand to come coming from the growth of the nearby wealth community together with the inclusion of current high-net-worth people.

The tender exercise was launched on Sept 15 and also shut off on Oct 13.

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