Redevelopment site at Pasir Panjang Road sold to Silver Edge Investment for $18.5 mil
Silver Edge Investment, a luxury house property developer, was established in 2017 and currently has $50 million value of work within its own pipeline.
Silver Edge Investment plans to redevelop the location into specific niche ground houses, according to its handling affiliate Christopher Tong. He anticipates the future houses at the place to attract residential property investors who desire “reside in an amazing place inside the established household enclave at Pasir Panjang”.
The Pasir Panjang Road location has a land area of 16,379 sq ft and also is zoned residential usage with a gross plot ratio of 1.4. The occurring development consists of a main single-storey bungalow with several outhouses.
“This property received keen interest from potential purchasers seeking a palatable-sized redevelopment chance with excellent locational qualities,” states Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The potential for redevelopment right into condos or landed homes was a primary draw, she adds.
“The real estate is purposefully set within lush plant with effortless accessibility to West Coast Park, Southern Ridges plus other environment-friendly places around the upcoming Greater Southern Waterfront,” claims Mary Sai, executive supervisor of capital markets at Knight Frank Singapore.
Chia anticipates interest to come directly from the development of the neighborhood wealth community together with the addition of current high-net-worth residents.
An estate residential redevelopment spot on 303 and 305 Pasir Panjang Road was offered to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which brokered the offer.
Silver Edge Investment Holdings gained the proposal at $475,000 over the guide price of $18 million, translating to a land price of $1,128 psf.
More non commercial plans in Silver Edge Investment’s pipeline feature 2 detached homes on 52 Wilkinson Road also an one detached bungalow at 37 Poole Road, both of these set up for completion by the end of 2022.
It is located next to many exclusive residences, and is within strolling proximity of Haw Par Villa MRT Terminal on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and even Mapletree Business Park are a quick drive away.
The tender exercise was introduced on Sept 15 and shut off on Oct 13.