Photo from Knight Frank.

Redevelopment site along Pasir Panjang Road sold for $18.5m via bidding

It sold above the guide price of $18m.

A freehold residential redevelopment site at 303/305 Pasir Panjar Road was sold at $18.475m, won by luxury home developer Silver Edge Investment Holdings via action.

In a statement, Knight Frank said the property was sold at a land rate of $1,128 per square foot, with the total exceeding the guide price of $18m.

The site has a land area of 1,521.7 sqm and houses a main single-storey bungalow with several outhouses. It is also zoned Residential with a Gross Plot Ration of 1.4 under the Master Plan 2019.

READ MORE: Residential investment sales up for the 2nd consecutive quarter in Q3

“This property was well-received with keen interest from prospective purchasers looking for a palatable sized redevelopment opportunity with excellent locational attributes. Buyers were attracted to its potential for redevelopment into apartments or landed homes, subject to approval from the relevant authorities,” said Chia Mein Mein, head of Capital markets (Land & Collective Sale) at Knight Frank Singapore.

The bid for the property was launched on 15 September and closed on 13 October 2022 at 3 pm.

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