Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjoining grounds at Ninety Seven & Ninety Nine Still Rd and Hundred and Thirty-seven Koon Seng Rd have recently been put up for sale over offer beside a combined advice quote of $Twenty One mil, announced unique promotion and marketing professional Coldwell Banker Richard Ellis.
This works out towards more or less $960 per sq foot ppr, “subject to approval of development charges payable on cooperate of the pair of grounds”.
97 & 99 Still Road is taken up by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Road place a 2 floor non commercial block managed as a laborers’ quarters alongside Malacca Hotel’s official workplace.
Being offered as a bundle, both areas are conveniently positioned on the junction of Koon Seng Road and Still Road. They come with an overall size of more or less 14,661 square foot furthermore exist zoned for domestic use in the 2K19 Master Plan with a pr of 1.4.
The residence stands a 15 min drive to both of the Central Business District and also Orchard Road, by having proximate schools involving TNS also Convent of the Holy Infant Jesus Katong Pri.
CBRE Hotels Associate Director Teo Junrong shared the building creates “a prompt however unusual prospect for investors to take benefit on the Katong/ Joo Chiat’s rejuvenation, as housing resources in this particular area of SGP have definitely gotten firmly remained over the years”.
“We are favorable of the spot’s appeal, as early queries with URA specified the fact that there will get minimal development expenses, which are going to be a great positive point for builders aiming to multiply or supply their landbank,” Teo mentioned.
“Capitalists can take into account either to hold on to the current usage or to redevelop the site to integrate a boutique residential non-landed project. There is additionally the alternative of turning the spot toward a different shared living building with a mixture of short stay as well as long visit lodging,” included Junrong.
The offer for both locations ends on 24March.