Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining areas at Ninety Seven and Ninety Nine Still Road and also 137 Koon Seng Road have already gotten put up for sale by means of offer alongside a paired overview cost of $Twenty One mil, broadcast special marketing agent CBRE.
This turns out to just about $960 psf per plot ratio, “dependent on acceptance of development rates payable on cooperate of both areas”.
Ninety Seven & 99 Still Rd is utilized by Twenty-nine rooms Malacca Hotel, while 137 Koon Seng Road houses a two floor non commercial block managed being a laborers’ quarters as well as Malacca Htl’s administrative workplace.
To be sold as a bunch, the pair of plots are purposefully positioned at the crossroads of Koon Seng Road and Still Rd. They feature a complete measurement of about 14.661K sq ft moreover are sector for non commercial usage in the 2019 Master Plan with a land ratio of 1.4.
The place is a 15 min drive to either the CBD as well as Orchard Road, with convenient schools including Tao Nan Sch along with CHIJ Katong Primary.
Coldwell Banker Richard Ellis Htls Associate Dir Teo Junrong said the home shows “a well-timed and yet uncommon prospect for real estate investors to maximize the Katong/ Joo Chiat’s restoration, as housing resources within this segment of S’pore have certainly stayed securely possessed beyond the years”.
“Our people are hopeful of the plot’s appeal, as initial questionings with URA signified that there will get minimal development charges, that will become a substantial plus aspect for real estate investors pursuing to intensify or renew their landbank,” Teo claimed.
“Real estate investors can certainly look at a choice between to maintain the present utilization or to redevelop the plot to fit a boutique household non-landed development. There is likewise the option of changing the plot toward an unique co-living building by having a mixture of short stay plus extensive stay lodging,” added Junrong.
The offer for both areas concludes on 24 Mar.