Freehold Kartar Apartments on Thomson Road for sale at $18.5 mil

According to the press launch, this construction has actually initially been put up for sale in November 2021 with a requesting quote of $18 million. A buyer at first set the option to purchase the property that month, but could not finish the order due to funding problems.

A four-storey apartment at 41 & 43 Thomson Road has been sold by exclusive treaty with an asking cost of $18.5 million. The residential property is marketed by property consultancy Delasa.

According to a notice by the advertising representative, the freehold high-rise apartment is being offered by a family-owned business which built the structure, Kartar Apartments, in the 1980s.

He adds that this makes the redevelopment chances for the area extra attractive for developers or financiers to capitalise on the tight rental market. The area could be redeveloped right into a condominium property with 22 units with an average dimension of 915 sq ft, states Singh.

“At the same time, the buyer had gotten a guidance from the Urban Redevelopment Authority in response to a provisionary permission application helping the redevelopment of the plot into a serviced apartment project,” claims Singh.

The place is zoned “property” under the most recent Master Plan with a permitted plot rate of 2.8. This results in a potential GFA of 20,400 sq ft, based on confirmations.

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The residential property rests on a 7,300 sq ft plot as well as has a gross flooring location (GFA) of 8,300 sq ft. The requesting price equate to a land price of $917 psf per plot ratio, involving development costs, claims Delasa. “At this rate, a developer may anticipate to break-even at around $1,800 psf, subject to authorizations from the authorities,” states Karamjit Singh, CEO of Delasa.

The building is about 300m from United Square Shopping Center and is likewise near Novena MRT Station on the North-South Line.