Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The building rests on a 7,300 sq ft plot and also has a gross floor area (GFA) of 8,300 sq ft. The asking deal equate to a land price of $917 psf per plot ratio, consisting of development fees, states Delasa. “At this price, a developer might anticipate to break-even at around $1,800 psf, based on approvals from the authorities,” says Karamjit Singh, Chief Executive Officer of Delasa.
According to a news release by the advertising representative, the estate apartment building is being offered by a family-owned business which built the development, Kartar Apartments, in the 1980s.
A four-storey apartment at 41 & 43 Thomson Road has actually been offered by personal treaty with a demanding rate of $18.5 million. The property is marketed by residential property consultancy Delasa.
The place is zoned “household” under the latest Master Plan with an allowed plot rate of 2.8. This results in a prospective GFA of 20,400 sq ft, based on permissions.
He adds that this establishes the redevelopment chances for the area extra attractive for developers or investors to capitalise on the limited rental market. The area could be redeveloped right into a condo property with 22 units with a typical dimension of 915 sq ft, claims Singh.
The building is about 300m from United Square Shopping Center as well as is additionally near Novena MRT Terminal on the North-South Line.
According to the press release, this development has actually originally been put up for sale in November 2021 with a requesting cost of $18 million. A purchaser at first exercised the option to acquire the real estate that month, but can not complete the transaction due to funding concerns.
“In the process, the consumer had actually acquired a recommendations from the Urban Redevelopment Authority in reaction to a provisionary consent application helping the redevelopment of the plot into a serviced condo project,” claims Singh.