Silver Edge Investment purchased the Pasir Panjang Road redevelopment land for $18.5 million
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A freehold residential development site located on 303 and 305 Pasir Panjang Road was transferred by Silver Edge Investment Holdings for $18.475 million, as per an announcement on Oct 20 by Knight Frank, which brokered the deal.
Silver Edge Investment Holdings won the auction at $475,000 over the estimate of $18 million. This translates to a land price of $1,128 psf.
“This property received keen interest from potential buyers seeking a large-scale development opportunity that has excellent property location,” says Chia Mein Mein, who is the director for capital markets (land and the collective sale) within Knight Frank. The possibility of development into apartments or landed homes was the main reason for interest according to her.
Chia anticipates that demand will come due to the increase in the local wealth population as well as the introduction of new high-net-worth individuals.
Silver Edge Investment, a luxury home developer founded in 2017 and has $50 million of projects under development.
Silver Edge Investment plans to transform the site to create a few homes that are specialized according to the managing partner of the company, Christopher Tong. Tong expects the new properties on the site will appeal to those who wish to “live in an exciting location in the enclave of residential homes in Pasir Panjang”.
Other residential projects that are part of Silver Edge’s portfolio are two detached bungalows along 52 Wilkinson Road and one detached bungalow on 37 Poole Road, both due for completion by the end of 2022.
It is located on Pasir Panjang Road site has an size of 16,379 sq feet and is zoned for residential for use, with an average plot ratio of 1.4. The current development comprises one-storey main house and a number of outhouses.
It is situated near several private homes, and is located within walking distance to Haw Par Villa MRT Station on the Circle Line. There is the National University of Singapore, National University Hospital, Science Park II and Mapletree Business Park are a just a short drive away.
“The property is strategically set in lush greenery and has the convenience of accessing West Coast Park, Southern Ridges and other green spaces along the Greater Southern Waterfront,” says Mary Sai, executive director of the capital markets department for Knight Frank Singapore.
The tender process was announced on September 15 and concluded on the 13th of October.