Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Chia anticipates demand to follow directly from the development of the nearby riches people including the extra of latest high-net-worth residents.
Other property plans in Silver Edge Investment’s pipeline include 2 detached homes on 52 Wilkinson Road and a single detached bungalow at 37 Poole Road, both of these scheduled for finish lattermost of 2022.
A property domestic redevelopment spot on 303 as well as 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to an announcement on Oct 20 from Knight Frank, which brokered the offer.
Silver Edge Investment Holdings gained the bid at $475,000 above the guide price of $18 million, equating to a land rate of $1,128 psf.
Silver Edge Investment prepares to redevelop the site into particular niche landed houses, according to its supervising associate Christopher Tong. He expects the prospective houses at the site to interest home investors who desire “live in an amazing area inside the recognized property enclave at Pasir Panjang”.
Silver Edge Investment, a deluxe home developer, was established in 2017 and also presently has $50 million value of work within its own pipeline.
It lies alongside many personal houses, and is just within walking proximity of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II including Mapletree Business Park are a quick drive away.
“The real estate is strategically set within lush greenery with very easy access to West Coast Park, Southern Ridges plus various other environment-friendly places along the upcoming Greater Southern Waterfront,” says Mary Sai, executive supervisor of financing markets at Knight Frank Singapore.
“This estate got eager interest from possible buyers seeking a palatable-sized redevelopment chance with superb locational characteristics,” claims Chia Mein Mein, the head of funding markets (land and collective sale) at Knight Frank. The possibility for redevelopment into flats or property residences was a major draw, she includes.
The Pasir Panjang Road site has a land area of 16,379 sq ft and also is zoned residential usage with a gross plot rate of 1.4. The existing project consists of a main single-storey bungalow with numerous privies.
The tender exercise was launched on Sept 15 and also closed on Oct 13.