Redevelopment land in Pasir Panjang is up for sale, with an estimated asking price of more than S$18 million

Sep 14, 2022

In excess of S$18 million has been set as the indicative guiding price for the sale of a freehold residential redevelopment plot located at 303/305 Pasir Panjang Road. The sale will be conducted through an open tender.

The only marketing agency for the property, Knight Frank Singapore, issued a press statement on September 14 stating that the reference price comes out to S$1,099 psf based on the property's land area of 16,379 square feet.

The planned redevelopment of the property includes the construction of flats with a gross plot ratio of up to 1.4, and the land fee comes out to around S$1,308 per square foot per plot ratio (including the land improvement charge).

The legal ownership to the property is reportedly owned by a single family, as stated by Chia Mein Mein, who is the head of capital markets (land and collective sale) at Knight Frank. She noted that this "provides a chance for quick renovation without the need to go through the uncertainty of a collective sale." "This presents an opportunity for immediate reconstruction."

The site is occupied by a primary bungalow with a single story, as well as its numerous accessory buildings. It has a frontage that is approximately 43 metres long and faces Pasir Panjang Road. The property has direct access to West Coast Park and is situated two kilometres away from both the National University of Singapore and the National University Hospital. It is around 500 metres away from the Haw Par Villa MRT Station, which is on the Circle Line of the MRT system.

According to Chia, "given the appealing price quantum, short turnaround time, and strategic position of the site," they anticipate a significant amount of interest in this tender.

At the beginning of this year, the residential complex known as Gloria Mansion, which is located at 292 Pasir Panjang Road, was able to be sold en bloc for the sum of S$70,300,000.00. Another residential property located in the neighbourhood, Flynn Park, was sold in September 2021 for the price of S$371 million.

Mary Sai, executive director of capital markets at Knight Frank, feels that the two transactions that have taken place in the Pasir Panjang region in the recent months have sparked interest in the neighbourhood. "With the Greater Southern Waterfront transformation plan on the horizon, this listing is an exciting opportunity for investors and home-owners," said Sai, referring to the Urban Redevelopment Authority's (URA) transformation plans from Pasir Panjang to Marina East. Sai was speaking in reference to the URA's plans to transform the area from Pasir Panjang to Marina East.

On October 13, 2022, at three in the afternoon, the bidding for 303/305 Pasir Panjang Road will come to a close.