News: Two adjoining sites at Still Road, Koon Seng Road on sale for $21mil

Feb 23, 2021

97 & 99 Still Road is occupied by 29-room Malacca Hotel, while 137 Koon Seng Road houses a two-storey residential block used as a workers’ quarters as well as Malacca Hotel’s administrative office. Image: CBRE

Two adjoining sites at 97 & 99 Still Road and 137 Koon Seng Road have been put up for sale via tender with a combined guide price of $21 million, revealed exclusive marketing agent CBRE.

This works out to around $960 per sq ft per plot ratio (psf ppr), “subject to confirmation of development charges payable on combination of the two sites”.

97 & 99 Still Road is occupied by 29-room Malacca Hotel, while 137 Koon Seng Road houses a two-storey residential block used as a workers’ quarters as well as Malacca Hotel’s administrative office.

To be sold as a bundle, the two sites are strategically situated at the junction of Koon Seng Road and Still Road. They have a total area of around 14,661 sq ft and are zoned for residential use under the 2019 Master Plan with a plot ratio of 1.4.

Recommended article: The URA Master Plan: How to Understand It and Make Your Property an Investment

The property is a 15-minute drive to both the Central Business District and Orchard Road, with nearby educational institutions including Tao Nan School and CHIJ Katong Primary.

CBRE Hotels Associate Director Teo Junrong said the property presents “a rare but timely opportunity for investors to capitalize on the Katong/Joo Chiat’s rejuvenation, as accommodation assets in this part of Singapore have been tightly held over the years”.

“We are optimistic of the site’s attractiveness, as initial enquiries with URA indicated that there will be minimal development charges, which will be a huge plus point for developers seeking to increase or replenish their landbank,” he said.

“Investors can consider either to retain the current use or to redevelop the site to accommodate a boutique residential non-landed development. There is also the option of turning the site into a unique co-living product with a mix of short-stay and long-stay accommodation,” added Teo.

The tender for the two sites closes on 24 March.

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Lois Goh
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LIST INTERNATIONAL REALTY PTE. LTD.
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