2 Cavan Road, a 20,100 square feet Jalan Besar property, was bought by a unit of Kheng Leong Company for $38.71 million. When the Jalan Besar property was put up for sale in March, it had an indicative price of $47.4 million.
Under the 2014 Master Plan, the the Jalan Besar property is zoned “residential with commercial at 1st storey” with a plot ratio of 3.0. The marketing agents said when the property was launched for sale that, as the current gross floor area of the buildings are under-utilised, the successful buyer can consider maximizing the gross floor area of 2 Cavan Road to approximately 60,301 square feet upon redevelopment.
Jalan Besar is a one-way road in Singapore, connecting Kallang and Rochor. Theside of Jalan Besar between Lavender Street and Syed Alwi Road was once swamp land. Flying ducks, snipe, fish, mud lobsters and multi-coloured snakes thrived there. The area was slowly reclaimed by dumping refuse. In 1923, the New World Amusement Park located off Jalan Besar was opened by the enterprising sons of Ong Sam Leong , Peng Hock and Boon Tat.
Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder – with other cities in the world like London, New York, Shanghai and Sydney.
One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the offices and shophouses markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.
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Source: TODAYonline - 🏆 1. / 99 Read more »
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