Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
The area is zoned “residential” under the current Master Plan with an allowed plot ratio of 2.8. This leads to a prospective GFA of 20,400 sq ft, subject to authorizations.
The structure has to do with 300m from United Square Shopping Mall as well as is also close to Novena MRT Terminal on the North-South Line.
According to the press release, this development has originally been offered in November 2021 with a seeking rate of $18 million. An investor at first set the choice to acquire the residential property that month, however could not finish the order because of financing issues.
“While doing so, the purchaser had actually gotten a guidance from the Urban Redevelopment Authority in action to a provisional authorization application helping the redevelopment of the plot into a serviced apartment property,” says Singh.
A four-storey apartment building at 41 & 43 Thomson Roadway has been sold by personal treaty with a demanding rate of $18.5 million. The real estate is marketed by property consultancy Delasa.
The property remains on a 7,300 sq ft plot and also has a gross flooring location (GFA) of 8,300 sq ft. The asking price translates to a land price of $917 psf per plot ratio, including property charges, claims Delasa. “At this cost, a builder may anticipate to break-even at around $1,800 psf, based on authorizations from the authorities,” claims Karamjit Singh, CEO of Delasa.
According to an announcement by the marketing representative, the property flats is being offered by a family-owned company which built the property, Kartar Apartments, in the 1980s.
He adds that this establishes the redevelopment possibilities for the area extra attractive for developers or investors to capitalise on the limited rental market. The site could be redeveloped into a condo property with 22 units with a normal dimension of 915 sq ft, says Singh.