Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
Two adjoining plots at Ninety Seven & Ninety Nine Still Road and 137 Koon Seng Road have already been offered by means of offer beside a paired advice cost of $Twenty One mil, exposed special marketing agent Coldwell Banker Richard Ellis.
This turns out to approximately $960 psf ppr, “dependent on verification of development rates due on combination of the pair of areas”.
97 & 99 Still Road is inhabited by Twenty-nine rooms Malacca Htl, while Hundred Thirty Seven Koon Seng Rd stands a 2 storey non commercial building made use of being a laborers’ dormitory and also Malacca Htl’s official office space.
To be retailed as a bundle, both spots are purposefully situated on the crossroads of Koon Seng Road and Still Rd. The sites have a whole size of about 14.661K sq foot and also exist zoned for domestic usage in the 2K19 Master Plan with a pr of 1.4.
The building stands a 15-minute trip to both the CBD and Orchard Road, along with convenient educational institutes providing Tao Nan School and also Convent of the Holy Infant Jesus Katong Primary.
Coldwell Banker Richard Ellis Hotels Associate Dir Teo Junrong shared the place offers “a unusual however prompt prospect for real estate investors to take advantage of the Katong/ Joo Chiat’s restoration, as property possessions inside this section of SGP have gotten firmly held over the years”.
“Our people are optimistic of the location’s beauty, as initial questionings with URA showed the fact that there will be minor development expenses, which will definitely be a big benefit point for builders securing to increase or restore their landbank,” Teo said.
“Investors can contemplate a choice between to keep the ongoing use or to redevelop the area to house a boutique residence non-landed project. There is furthermore the option of turning the location into an unique co-stay product by having a blend of short stay plus stretched visit rental,” included Teo.
The offer for both grounds ceases on 24March.