Pasir Panjang Freehold Property on Sale for S$50.5 Million

The freehold property known as STARPOINT 319, located in the Pasir Panjang area, is listed for en bloc sale at S$50.5 million, as reported by ERA Realty on September 16. The site consists of a 10-story building in District 5, originally constructed in 1980 by architect Lim Chong Keat.

The pricing breaks down to approximately S$1,340 per square foot per plot ratio, which includes a land betterment charge. According to Jeremy Chiu, an executive director at ERA, the property could potentially be redeveloped into a modern private apartment complex with around 49 units, assuming an average apartment size of 100 square meters. Alternatively, it could house a student hostel with about 98 units, given a smaller average unit size of 50 square meters.

In 2022, the last substantial sale in the Pasir Panjang area involved a property purchased for S$703.0 million by Fractor Capital, with the deal facilitated by real estate agents Daniel Yeo and his brother Teck Weing. STARPOINT 319 is currently the only property available in its zone, designated for residential use, and it has not yet been sold.