Freehold Development Starpoint Collective Sale 505 Mil
Located at 319 Pasir Panjang Road in District 5, Starpoint, a residential development, is now seeking a collective sale through tender. The freehold property, consisting of a 10-storey tower and a landed house, has a guide price of $50.5 million. This is the first time the property will be put up for en-bloc sale.
Constructed in 1980, Starpoint comprises only nine units, each with a unique hexagonal shape, situated across the tower and the landed house. The property was designed and built by Penang-born architect Lim Chong Keat, who was a co-founder of the influential Malayan Architects Co-partnership and Architects Team 3. Lim has worked on several iconic buildings during the post-independence period in Singapore and Malaysia, such as the Singapore Conference Hall & Trade Union House, Jurong Town Hall, Malaysia-Singapore Airlines Building, the original DBS Building on Shenton Way, Komtar in Penang, and the Seremban State Mosque.
Starpoint is situated on a freehold land plot at the corner of Pasir Panjang Road and Science Park Road, with an approximate land measurement of 37,797 sq ft. As per the URA Master Plan 2019, the land is zoned for residential use with a gross plot ratio of 1.4. With the relevant authorities’ approval, the site has the potential for redevelopment with a gross floor area of up to 52,915 sq ft.
ERA Realty Network’s group division director, Jeremy Rikas Chiu, who is handling the sale, believes that the future development could potentially be a private apartment with around 49 units, with an average size of 1,076 sq ft each. Alternatively, the site could also be used for a serviced apartment or student hotel with around 98 units, assuming an average unit size of 538 sq ft. The guide price for Starpoint stands at approximately $1,338 psf per plot ratio, including the Land Betterment Charge payable.
Based on the caveats lodged with URA, the last unit in Starpoint was sold in June 2023, measuring at 3,671 sq ft and fetching $4 million ($1,090 psf). The previous resale transaction took place in July 2010, where a 1,819 sq ft unit was sold for $1.3 million ($715 psf).
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The tender for Starpoint will close on October 16 at 1pm. Interested parties can visit the website to check out the latest listings for Starpoint properties. The website also offers various comparison tools, including price trend analysis for new sale condos versus resale condos, the most expensive average PSF in District 5, resale condo price trend graphs, and condo rental listings in District 5.