Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjoining locations at 97 and 99 Still Rd and 137 Koon Seng Rd have been put up for sale by bidding with a consolidated advice quote of $Twenty One mil, disclosed special promotion and marketing agent Coldwell Banker Richard Ellis.
The calculation formulates to about $9hundred 60 per sq foot ppr, “dependent on consent of development costs due on combination of the two sites”.
97 & 99 Still Road is utilized by Twenty-nine rooms Malacca Hotel, while Hundred Thirty Seven Koon Seng Rd stands a 2 floor non commercial building made use of as an employees’ dormitory along with Malacca Htl’s administrative office space.
To be sold as a package, both grounds are tactically positioned on the junction of Koon Seng Road and Still Rd. The sites possess a total size of around 14.661K sq foot furthermore are zoned for household utilization in the 2019 Master Plan with a land ratio of 1.4.
The home is a 15-minute drive to each the CBD including Orchard Rd, plus nearby educational bodies having TNS furthermore Convent of the Holy Infant Jesus Katong Pri.
CBRE Hotels Associate Dir Teo Junrong revealed the premises creates “a prompt but uncommon chance for capitalists to take advantage of the Katong/ Joo Chiat’s revitalisation, as property possessions within the indicated segment of Singapore have definitely been tightly maintained over the yrs”.
“Our team are optimistic of the plot’s beauty, as first queries with Urban Redevelopment Authority specified the fact that there will probably get very little development expenses, that will be a significant bonus factor for builders pursuing to escalate or replenish their landbank,” he reported.
“Financiers can consider probably to hold on to the ongoing usage or to rebuild the site to coordinate a boutique domestic non-landed project. There is furthermore the choice of turning the site into an unique co-living building by having a blend of short visit as well as extensive lodge accommodation,” further mentioned Teo.
The bid for both plots concludes on 24Mar.