EDGEPROP (SINGAPORE) - A freehold residential redevelopment site on 303 and 305 Pasir Panjang Road was sold to Silver Edge Investment Holdings for $18.475 million, according to a press release on Oct 20 from Knight Frank, which brokered the deal.

Read also: Hoi Hup and Sunway jointly purchase Flynn Park en bloc for $371 mil

Silver Edge Investment Holdings won the bid at $475,000 above the guide price of $18 million, translating to a land rate of $1,128 psf.

“This property received keen interest from prospective purchasers looking for a  palatable-sized redevelopment opportunity with excellent locational attributes,” says Chia Mein Mein, the head of capital markets (land and collective sale) at Knight Frank. The potential for redevelopment into apartments or landed homes was a main draw, she adds.

Chia expects demand to come from the growth of the local wealth population and the addition of new high-net-worth citizens.

Silver Edge Investment, a luxury home developer, was established in 2017 and currently has $50 million worth of projects in its pipeline.

Silver Edge Investment plans to redevelop the site into niche landed homes, according to its managing partner Christopher Tong. He expects the future homes at the site to appeal to home buyers who aspire to “live in an exciting locale within the established residential enclave at Pasir Panjang”.

Other residential projects in Silver Edge Investment’s pipeline include two detached bungalows on 52 Wilkinson Road and a single detached bungalow at 37 Poole Road, both scheduled for completion at the end of 2022.

The Pasir Panjang Road site has a land area of 16,379 sq ft and is zoned residential use with a gross plot ratio of 1.4. The existing development consists of a main single-storey bungalow with several outhouses.

It is located next to many private residences, and is within walking distance of Haw Par Villa MRT Station on the Circle Line. The National University of Singapore, National University Hospital, Science Park II and Mapletree Business Park are a short drive away.

“The property is strategically set within lush greenery with easy access to West Coast Park, Southern Ridges and other green spaces along the upcoming Greater Southern Waterfront,” says Mary Sai, executive director of capital markets at Knight Frank Singapore.

The tender exercise was launched on Sept 15 and closed on Oct 13.

Check out the latest listings near Pasir Panjang, Poole Road, Haw Par Villa MRT Station, National University of Singapore