_Rare Freehold Redevelopment Site at Pasir Panjang up for Sale by Tender
Knight Frank Singapore, as the sole marketing agent, is pleased to offer a freehold residential redevelopment site at 303/305 Pasir Panjang Road for sale by tender.
The site has a land area of 1,521.7 square metres (sqm) or approximately 16,379 square feet (sq ft) and is zoned Residential with a Gross Plot Ratio of 1.4 under the Master Plan 2019. The land plot enjoys a wide frontage of approximately 43 metres onto Pasir Panjang Road and houses a main single-storey bungalow with several outhouses.
The indicative guide price is in excess of S$18 million, or approximately S$1,099 per square foot (psf) on land. For a proposed redevelopment of the site up to a Gross Plot Ratio of 1.4 for apartments, the land rate works out to approximately S$1,308 psf per plot ratio (ppr), inclusive of land betterment charge.
Nestled within an exclusive residential enclave, 303/305 Pasir Panjang enjoys excellent connectivity with its strategic location that is approximately 500 metres from the Haw Par Villa MRT Station on the Circle Line. It is located within two kilometres from the National University of Singapore and National University Hospital and a stone’s throw from Science Park II and Mapletree Business Park which houses the headquarters of Google’s Asia Pacific office. The Central Business District and other popular attractions such as VivoCity, Sentosa and Orchard Road are a short drive away.
The redevelopment site is set amidst lush greenery with direct access to the West Coast Park, and the picturesque Southern Ridges which connects Kent Ridge and Labrador Parks, Hort Park and Mount Faber Park. Among the numerous urban and lifestyle amenities that serve the neighbourhood are the Pasir Panjang Wholesale Market and Pasir Panjang Food Centre, and an eclectic mix of cafes situated along South Buona Vista Road and Pasir Panjang Road.
Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets, Knight Frank Singapore, said, “The site location exudes a laid-back charm and is ideal for those seeking temporary respite from the hustle-bustle of city life. The land sale of Gloria Mansion, which is located just across it, as well as the nearby Flynn Park in the past months, has spurred interest in this area. With the Greater Southern Waterfront transformation plan on the horizon, this listing is an exciting opportunity for investors and home-owners.”
Ms Chia Mein Mein (谢敏敏), Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore shared, “Prospective purchasers are inundated with a variety of options in terms of redevelopment opportunities for this site. The property has the potential to be redeveloped into either a boutique residential development comprising 21 units with an average size of 100 sqm, or landed homes such as bungalows, semi-detached or terrace houses, subject to approval from the relevant authorities. With a maximum permissible Gross Floor Area of almost 23,000 sq ft, the site will also appeal to large multi-generational or extended families looking to build a new home.
Ms Chia added, “Notably, the property’s legal title is held by a single family which presents an opportunity for immediate redevelopment, without the need to go through the uncertainties of a collective sale. Given the palatable price quantum, fast turnaround time and strategic location of the site, we expect keen interest for this tender.”
The tender will close on 13 October 2022, Thursday at 3pm.
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