Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil
According to the press launch, this construction has at first been put up for sale in November 2021 with an asking rate of $18 million. A buyer originally set the choice to purchase the real estate that month, yet could not complete the investment because of financing issues.
A four-storey apartment building at 41 & 43 Thomson Roadway has actually been put up for sale by personal treaty with an asking price of $18.5 million. The property is marketed by building consultancy Delasa.
The place is zoned “residential” under the latest Master Plan with an allowed plot rate of 2.8. This results in a possible GFA of 20,400 sq ft, based on permissions.
“While doing so, the consumer had actually obtained a suggestions from the Urban Redevelopment Authority in response to a provisionary authorization application helping the redevelopment of the plot right into a serviced condo project,” states Singh.
He adds that this makes the redevelopment possibilities for the place a lot more appealing for developers or investors to capitalise on the tight rental market. The place could be redeveloped right into a condo development with 22 units with a standard size of 915 sq ft, claims Singh.
According to an announcement by the marketing agent, the freehold apartment building is being offered by a family-owned firm which built the development, Kartar Apartments, in the 1980s.
The building has to do with 300m from United Square Mall and is additionally near Novena MRT Station on the North-South Line.
The building rests on a 7,300 sq ft plot and also has a gross floor location (GFA) of 8,300 sq ft. The requesting cost equate to a land rate of $917 psf per plot ratio, including property costs, claims Delasa. “At this cost, a builder may anticipate to break-even at around $1,800 psf, based on approvals from the authorities,” claims Karamjit Singh, Chief Executive Officer of Delasa.