A complete four storey building comprising seven apartments in the Thomson / Novena area has been put up for sale by private treaty with an asking price of $18 million. Property consultancy and investment sales specialists, Delasa, are the vendors’ appointed property consultants.

The freehold development located at 41 & 43 Thomson Road belongs to a family-owned company who built it in the mid 1980s.

Located some 300 metres from United Square Shopping Mall and within walking distance to the Novena MRT station, the boutique apartment development has a land area of 7,300 sqft and current gross floor area of 8,300 sf. It is zoned ‘Residential’ in the 2019 Master Plan with an allowable plot ratio of 2.8 resulting in a potential gross floor area of 20,400 sf before balcony space.

“Upon redevelopment, the site may accommodate a maximum of 22 apartments with an average size of 85 sqm. At the vendors’ asking price which reflects $892 psf ppr, a developer could reasonably expect to break-even at around $1,800-1,900 psf,” said Mr Karamjit Singh, CEO of Delasa.

“With its central location and easy access to MRT and shopping, the subject property could also be well-suited for co-living operations, students’ accommodation or serviced apartments. Last year, the vendors were granted an Outline approval to redevelop the site into serviced apartments,” added Mr Singh.

“Of late, we have been seeing a rise in families seeking to rationalise their real estate portfolios as they plan for their next generation on the back of rising real estate values. At the same time, there are also more family offices being established with legacy planning in mind. The buyer for this property could well be a local family of such nature, seeking steady rental income whilst enjoying naming rights to the building and future redevelopment potentials,” said Mr Singh. 

To request a copy of the Information Memorandum please contact the marketing agent via the contact details below.