Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjacent grounds at 97 plus 99 Still Rd and Hundred and Thirty-seven Koon Seng Rd have gotten placed in the market via tender settting a total advice figure of $21 million, shared unique marketing and advertising agent Coldwell Banker Richard Ellis.
This formulates to roughly $960 psf ppr, “subject to confirmation of development costs due on merger of both plots”.
97 & 99 Still Rd is inhabited by 29-room Malacca Htl, while Hundred Thirty Seven Koon Seng Rd place a two floor non commercial building applied being a laborers’ housing along with Malacca Hotel’s admin office space.
To be retailed as a set, both spots are tactically found on the junction of Koon Seng Road and Still Rd. The sites offer an entire measurement of roughly 14,661 square ft and also are sector for domestic utilization in the 2K19 Master Plan with a pr of 1.4.
The property stands a 15-minute ride to both the CBD and Orchard Rd, by having neighboring schools featuring TNS also CHIJ Katong Primary.
CBRE Hotels Asso Director Teo Junrong claimed the estate creates “a rare and yet appropriate possibility for real estate investors to profit from the Katong/ Joo Chiat’s restoration, as property investments within this section of SGP have definitely stayed tightly possessed over the yrs”.
“Our people are favorable of the ground’s appeal, as early queries with URA showed the fact that there are going to be nominal development expenses, which in turn will be a big benefit element for real estate investors looking for to increase or refill their landbank,” Teo revealed.
“Investors are able to think about both to retain the existing usage or to rebuild the plot to fit a boutique non commercial non-landed property. There is additionally the opportunity of changing the location into a special co-living building with a combine of short stay and long stay rental,” continued Teo.
The tender for the two spots wraps up on 24Mar.