Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining grounds at Ninety Seven and Ninety Nine Still Rd and also Hundred and Thirty-seven Koon Seng Rd have recently gotten put up for sale via tender alongside a combined minimum value of $21 mil, broadcast special marketing representative Coldwell Banker Richard Ellis.
The calculation formulates towards around $960 psf ppr, “dependent on consent of development costs due on merger of the two grounds”.
97 & 99 Still Road is occupied by Twenty-nine rooms Malacca Htl, while Hundred Thirty Seven Koon Seng Road place a two storey domestic building used as an employees’ quarters along with Malacca Hotel’s official office space.
Being offered as a set, both grounds are conveniently found at the crossroads of Koon Seng Road and Still Rd. The ground come with an overall stretch of around 14,661 square foot and also stay sector for housing usage in the 2K19 Master Plan with a land ratio of 1.4.
The land is a 15-minute ride to both the CBD and also Orchard Rd, by having nearby educational bodies such as TNS together with Convent of the Holy Infant Jesus Katong Primary.
Coldwell Banker Richard Ellis Htls Associate Dir Teo Junrong said the residence offers “a uncommon but prompt opportunity for real estate investors to take benefit on the Katong/ Joo Chiat’s revival, as property properties within this area of S’pore have actually continued firmly stored beyond the yrs”.
“We are optimistic of the ground’s elegance, as preliminary questionings with Urban Redevelopment Authority suggested that there will probably get minor development rates, which will certainly become a substantial benefit element for construtors wanting to raise or reload their landbank,” he reported.
“Real estate investors can contemplate either to retain the ongoing purpose or to redevelop the location to accommodate a boutique residential non-landed property. There is furthermore the alternative of turning the area right into a different co-stay building by having a mixture of short stay as well as long stay rental,” included Teo.
The offer for both areas concludes on 24Mar.