Two adjoining sites at Still Road and Koon Seng Road for sale at $21 mil
By Valerie Kor / EdgeProp Singapore | February 22, 2021 5:39 PM SGT
SINGAPORE (EDGEPROP) - Two sites at 97 & 99 Still Road and 137 Koon Seng Road, which are adjacent to each other, have been launched for sale. The guide price is $21 million (or around $960 psf per plot ratio), subject to confirmation of development charges payable on combination of the two sites.
The two sites have a total site area of 14,661 sq ft and are to be sold collectively. Under URA’s Master Plan 2019, both sites are zoned for residential use with a plot ratio of 1.4.
Currently, 97 & 99 Still Road is where a three-storey boutique hotel, Malacca Hotel, stands. It comprises 29 rooms. The other site, 137 Koon Seng Road, is currently a two-storey residential block used as workers’ quarters and for administrative purposes for the hotel’s operations.
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The location is within a five-minute drive to Marine Parade and Katong, and a 15-minute drive to the CBD. Nearby schools include CHIJ Katong Primary and Tao Nan School.
Teo Junrong, associate director of CBRE Hotels, says: “The subject property presents a rare but timely opportunity for investors to capitalise on the rejuvenation of Katong and Joo Chiat, as accommodation assets in this part of Singapore have been tightly held over the years.”
“Initial enquiries with URA indicated that there will be minimal development charges, which will be a huge plus-point for developers seeking to increase or replenish their landbank,” he adds.
Investors can consider either to retain the current use or to redevelop the site to accommodate a boutique residential non-landed development, Teo says. Alternatively, the site can be used as a co-living space with a mix of short-stay and long-stay accommodation.
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The tender for the sites closes on March 24 at 3pm.
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