Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjacent spots at Ninety Seven & 99 Still Road along with 137 Koon Seng Rd have actually been offered via bidding alongside a consolidated advice cost of $21 mil, shared unique marketing rep Coldwell Banker Richard Ellis.
The calculation turns out to roughly $Nine hundred Sixty psf ppr, “dependent on validating of development costs payable on cooperate of both grounds”.
97 & 99 Still Rd is utilized by 29-room Malacca Htl, while 137 Koon Seng Road houses a 2 level domestic block managed as a laborers’ accommodation including Malacca Htl’s official office space.
To be retailed as a bunch, the two locations are tactically placed at the crossroads of Koon Seng Road and Still Road. The location have an entire stretch of about 14,661 sq ft and also stay zoned for household purpose in the 2019 Master Plan with a plot ratio of 1.4.
The premises stands a 15-minute ride to both of the Central Business District and also Orchard Road, along with close-by educational institutes involving TNS along with Convent of the Holy Infant Jesus Katong Primary.
Coldwell Banker Richard Ellis Hotels Associate Director Teo Junrong mentioned the premises offers “a uncommon however well timed opportunity for financiers to take advantage of the Katong/ Joo Chiat’s renewal, as property assets within this part of Singapore have definitely gotten closely remained over the years”.
“Our experts are positive of the spot’s beauty, as preliminary questionings with URA identified that there will probably be minimal development charges, which in turn will certainly become a great plus aspect for builders aiming to increase or restore their landbank,” Junrong claimed.
“Financiers may contemplate a choice between to keep the ongoing benefit or to redevelop the area to suit a boutique housing non-landed project. There is additionally the opportunity of transforming the ground toward an unique co-stay product with a mixture of short visit and also stretched lodge room,” added Teo.
The bid for both grounds closes on 24 March.