Pasir Panjang freehold residential property up for en bloc sale at S$50.5 million
Starpoint 319, a freehold Pasir Panjang property, is up for en bloc sale for S$50.5 million, said ERA Realty on Tuesday (Sep 16).
The site houses a 10-storey tower block and landed house located in the District 5 area of the West Coast, and was built in 1980 by pioneering architect Lim Chong Keat.
At S$50.5 million, the guide price translates to about S$1,340 per square foot per plot ratio (psf ppr) inclusive of a land betterment charge, with the opportunity to redevelop the plot to a gross floor area of about 52,900 square feet (sq ft).
The nine-unit property sits on a site of about 37,800 sq ft zoned for residential use, with a maximum permissible plot ratio of 1.4.
Owners of the nine units stand to pocket S$4 million to S$7 million for their properties.
“The future development can potentially be rebuilt into a modern private apartment project of about 49 units, assuming an average apartment size of 100 square metres or a service apartment suite/student hostel with about 98 units, assuming an average apartment size of 50 square metres,” said Jeremy Chiu, group division director at ERA, which is marketing the property.
The last successful collective sale in the Pasir Panjang area was in 2022, when Gloria Mansion was sold for S$70.3 million to Fraxtor Capital and a group led by the family offices of real estate veterans Daniel Teo and his brother Teo Teck Weng.
Earlier, in 2021, Flynn Park was sold for S$371 million to a Hoi Hup-Sunway joint venture, valuing the site at about S$1,355 psf ppr.
Most recently, Island View, a 72-unit condominium on a large 309,543 sq ft plot, was put back on the market in 2024 at a reserve price of S$532 million or S$1,542 psf ppr. The site has not been sold.
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