Prime Pasir Panjang en bloc site sold for S$33 million

A prime Pasir Panjang site has been sold for S$33 million in a collective sale exercise to boutique developer Link (THM) Greenleaf.

The 16-unit walk-up development located at 252 to 258 Pasir Panjang Road, attracted ten bids.

The block of flats built in the 1960s, was put up for sale by tender with an indicative price range of S$26 million to S$30 million.

“The tender closed with several parties offering above S$30 million. It generated very good interests as the site is located less than 100 metres from the future Haw Par MRT Station and has an elevated terrain, thereby offering sea views from the third level onwards,” says Mr Karamjit Singh, Managing Director of Credo Real Estate.

The site has a land area of approximately 2,625.7 square metres or 28,263 square feet.

Under the 2008 Master Plan, it is zoned for residential development up to a Gross Plot Ratio (GPR) of 1.4 and an allowable height of up to five storeys.

The total Gross Floor Area (GFA) allowed is approximately 43,525 square feet.

The site may be configured into approximately 40 apartment units with an average size of 1,000 square feet, depending on layout and configuration.

With the sale, the owners would stand to receive an average price of S$2.06 million.

The sale is subject to the approval for sale by the Strata Titles Board.

Source : Channel NewsAsia – 24 Sep 2010

Join The Discussion

Compare listings