Two Adjoining Sites At Still Road, Koon Seng Road On Sale For $21mil
2 adjacent grounds at Ninety Seven & 99 Still Road along with Hundred and Thirty-seven Koon Seng Rd have already gotten put up for sale using bidding alongside a paired advice amount of $21 million, disclosed unique promotion and marketing agent Coldwell Banker Richard Ellis.
The calculation turns out to more or less $960 per square foot ppr, “dependent on acceptance of development rates payable on merger of both sites”.
Ninety Seven & 99 Still Rd is inhabited by Twenty-nine rooms Malacca Htl, while 137 Koon Seng Rd stands a two storey housing block applied as a laborers’ accommodation as well as Malacca Htl’s admin office space.
Being marketed as a bunch, the 2 locations are purposefully located at the crossroads of Koon Seng Rd and Still Road. They come with a whole range of about 14,661 sq foot as well as exist sector for residence utilization under the 2K19 Master Plan with a pr of 1.4.
The property is a 15-minute ride to both of the Central Business District including Orchard Road, along with close-by educational bodies involving TNS also CHIJ Katong Pri.
Coldwell Banker Richard Ellis Hotels Asso Dir Teo Junrong claimed the premises grants “a scarce and yet well-timed prospect for investors to maximize the Katong/ Joo Chiat’s revitalisation, as accommodation properties around this section of SGP have stayed firmly stored over the years”.
“Our people are hopeful of the location’s attractiveness, as first enquiries with URA showed that there will probably be marginal development fees, that will certainly be a significant perk element for creators pursuing to expand or supply their landbank,” he claimed.
“Financiers may contemplate both to maintain the present use or to rebuild the ground to house a boutique residence non-landed development. There is furthermore the option of changing the plot into a special co-living product by having a combine of short visit plus stretched visit accommodation,” added Junrong.
The bid for the pair of locations discontinues on 24Mar.