[SINGAPORE] Starpoint 319, a freehold Pasir Panjang property, is up for en bloc sale for S$50.5 million, said ERA Realty on Tuesday (Sep 16).
The site houses a 10-storey tower block and landed house located in the District 5 area of the West Coast, and was built in 1980 by pioneering architect Lim Chong Keat.
At S$50.5 million, the guide price translates to about S$1,340 per square foot per plot ratio (psf ppr) inclusive of a land betterment charge, with the opportunity to redevelop the plot to a gross floor area of about 52,900 square feet (sq ft).
The nine-unit property sits on a site of about 37,800 sq ft zoned for residential use, with a maximum permissible plot ratio of 1.4.
Owners of the nine units stand to pocket S$4 million to S$7 million for their properties.
“The future development can potentially be rebuilt into a modern private apartment project of about 49 units, assuming an average apartment size of 100 square metres or a service apartment suite/student hostel with about 98 units, assuming an average apartment size of 50 square metres,” said Jeremy Chiu, group division director at ERA, which is marketing the property.
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The last successful collective sale in the Pasir Panjang area was in 2022, when Gloria Mansion was sold for S$70.3 million to Fraxtor Capital and a group led by the family offices of real estate veterans Daniel Teo and his brother Teo Teck Weng.
Earlier, in 2021, Flynn Park was sold for $371 million to a Hoi Hup-Sunway joint venture, valuing the site at about S$1,355 psf ppr.
Most recently, Island View, a 72-unit condominium on a large 309,543 sq ft plot, was put back on the market in 2024 at a reserve price of S$532 million or S$1,542 psf ppr. The site has not been sold.
