Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining plots at Ninety Seven and 99 Still Road and also 137 Koon Seng Road have already gotten offered via tender alongside a joined together guide value of $Twenty One million, uncovered unique promotion realtor Coldwell Banker Richard Ellis.
The calculation formulates to more or less $Nine hundred Sixty per sq ft per plot ratio, “subject to confirmation of development charges due on cooperate of both spots”.
97 & Ninety Nine Still Rd is taken up by Twenty-nine rooms Malacca Hotel, while Hundred Thirty Seven Koon Seng Rd place a two level domestic building applied being an employees’ quarters as well as Malacca Hotel’s admin business office.
To be retailed as a group, the 2 locations are conveniently placed on the crossroads of Koon Seng Rd and Still Road. They offer an overall size of approximately 14.661K square foot and stay zoned for housing application in the 2019 Master Plan with a pr of 1.4.
The place stands a 15 min travel to each the Central Business District as well as Orchard Road, by having proximate schools including Tao Nan Sch along with CHIJ Katong Primary.
Coldwell Banker Richard Ellis Hotels Asso Dir Teo Junrong announced the home introduces “a prompt and yet scarce prospect for real estate investors to take benefit on the Katong/ Joo Chiat’s revival, as accommodation possessions within this section of S’pore have stood closely maintained over the years”.
“Our people are optimistic of the site’s attractiveness, as preliminary enquiries with URA indicated the fact that there will probably be nominal development charges, that will certainly become a big benefit aspect for builders securing to improve or reload their landbank,” Junrong reported.
“Capitalists may take into consideration both to maintain the ongoing use or to rebuild the plot to accommodate a boutique household non-landed project. There is additionally the alternative of turning the area toward an extraordinary co-stay building with a mix of short visit and long lodge lodging,” added Teo.
The bid for both areas concludes on 24Mar.