Freehold Development Starpoint Collective Sale 505 Mil
319 Pasir Panjang Road in District 5, a residential development known as Starpoint, is currently on the market for collective sale through tender. The freehold property consists of a 10-storey tower and a landed house, and has a guide price of $50.5 million. This is the first time the property is being put up for en-bloc sale.
Constructed in 1980, Starpoint has a unique hexagonal shape and is made up of just nine units 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 worked on several notable buildings in Singapore and Malaysia during the post-independence period, including the Singapore Conference Hall & Trade Union House, Jurong Town Hall, and the original DBS Building on Shenton Way, to name a few.
Starpoint sits on a freehold land plot at the corner of Pasir Panjang Road and Science Park Road, occupying approximately 37,797 sq ft. According to the URA Master Plan 2019, the site is zoned for residential use with a gross plot ratio of 1.4. This means that the site has the potential to be redeveloped up to a gross floor area of 52,915 sq ft, subject to approval from relevant authorities.
ERA Realty Network’s group division director, Jeremy Rikas Chiu, who is handling the sale, has stated that the future development could potentially be a private apartment with around 49 units, based on an average apartment size of 1,076 sq ft. Alternatively, the site could also accommodate a serviced apartment or student hotel with 98 units, assuming an average unit size of 538 sq ft.
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The guide price for Starpoint, according to ERA, translates to a land rate of approximately $1,338 psf per plot ratio, which includes the Land Betterment Charge payable.
Based on URA’s caveats, the most recent unit sold at Starpoint was a 3,671 sq ft unit that went for $4 million ($1,090 psf) in June 2023. Prior to that, the last recorded resale transaction was in July 2010, when a 1,819 sq ft unit was sold for $1.3 million ($715 psf).
The tender for Starpoint will close on October 16th at 1pm. Interested parties can check out the latest listings for Starpoint properties, compare the price trend of new sale condos versus resale condos, explore the most expensive average psf condo projects in District 5, and generate a price trend graph for resale condos in District 5.