Kartar Apartments redeveloped into a 22-unit of 915 sqft

A four-storey apartment block on the corner of 41 and 43 Thomson Road has been put on the market by private treaty, with an asking cost in the region of $18.5 million. The property is advertised by property consulting firm Delasa.

The Botany at Dairy Farm Bukit Panjang price of $347 million, translating to $980 psf per plot ratio (ppr).

As per a press statement issued by the agent for marketing the building’s freehold is being offered for sale by a family-owned business that developed the project, Kartar Apartments, in the 1980s.

The property is located on a 7,300 square feet plot with an area of gross floor (GFA) 8300 square feet. The asking price is an average land value of $917 per sq ft per plot ratio, which includes development costs, according to Delasa. “At this rate the developer might expect to achieve a break-even at about $1,800 per square foot subject to approvals by officials,” declares Karamjit Singh who is the director of Delasa.

The site is classified as “residential” according to the most recent Master Plan with an allowable plot ratio of 2.8. This would result in a possible GFA of 20,400 square feet subject to approval.

The building is situated about 300m away from United Square Shopping Mall and is also near to Novena MRT Station on the North-South Line.

As per the news release, this property was initially listed for sale in the month of November 2021 at a cost of $18 million. The buyer initially opted to exercise the option of buying the property in the month of November however, they were unable to finish the transaction due to financial issues.

“In the course of proceedings the buyer received an advisory of the Urban Redevelopment Authority in response to a pro forma permission application for the redevelopment of the site into a serviced apartments development.” Singh explains. Singh.

He says this will make the opportunities to redevelop the site more appealing for developers or investors who want to profit on the highly competitive rental market. This site could be developed into an apartment building comprising 22 units that have the average size of 915 square feet, Singh says. Singh.