Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining locations at 97 plus 99 Still Road and also 137 Koon Seng Rd have actually gotten offered by using tender settting a joined together minimum deal of $21 million, uncovered restricted advertising agent CBRE.
The calculation figures out to just about $9hundred 60 per sq ft per plot ratio, “dependent on consent of development expenses payable on merger of both plots”.
Ninety Seven & Ninety Nine Still Road is occupied by 29-room Malacca Hotel, while Hundred Thirty Seven Koon Seng Rd place a two level domestic block used as an employees’ quarters besides Malacca Htl’s administrative business office.
To be marketed as a bunch, both sites are purposefully standing at the junction of Koon Seng Rd and Still Rd. They offer a full surface area of about 14,661 square ft furthermore exist zoned for residence application in the 2019 Master Plan with a pr of 1.4.
The premises stands a 15 min ride to each of the CBD along with Orchard Road, alongside neighboring academic institutes such as Tao Nan Sch also CHIJ Katong Primary.
Coldwell Banker Richard Ellis Htls Associate Director Teo Junrong stated the premises creates “a rare however well timed possibility for investors to capitalize on the Katong/ Joo Chiat’s revival, as housing investments in the indicated area of SGP have definitely gotten firmly remained beyond the years”.
“Our team are hopeful of the location’s attractiveness, as initial queries with URA showed the fact that there will be very little development fees, which will certainly become a great bonus point for developers pursuing to escalate or refill their landbank,” Teo shared.
“Capitalists may consider both to maintain the ongoing benefit or to redevelop the location to house a boutique domestic non-landed development. There is also the opportunity of transforming the location into a special co-stay product with a merge of short lodge as well as much longer visit rental,” included Teo.
The bid for both sites closes on 24March.