Freehold Development Starpoint Collective Sale 505 Mil
Starpoint, a freehold residential development located at 319 Pasir Panjang Road in District 5, is currently available for collective sale through a tender process. The property, which comprises of a 10-storey tower and a landed house, is being listed for sale at a guide price of $50.5 million. This is the very first time that the property has been put up for en-bloc sale.
The unique hexagonal shape of both the tower and landed house, which were designed and built in 1980 by Penang-born architect Lim Chong Keat, adds character to the development. Lim was a co-founder of the influential Malayan Architects Co-partnership and Architects Team 3, and was involved in several landmark buildings constructed in Singapore and Malaysia during the post-independence period. Some of his notable works include 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. The site, which measures approximately 37,797 sq ft, is zoned for residential use with a gross plot ratio of 1.4 under the URA Master Plan 2019. This means that the site could potentially be redeveloped up to a gross floor area of 52,915 sq ft, subject to the relevant authorities’ approval.
According to ERA Realty Network’s group division director Jeremy Rikas Chiu, who is handling the sale, the future development on this site could be a private apartment with around 49 units, based on an average apartment size of 1,076 sq ft. Alternatively, it could also house a serviced apartment or student hotel with 98 units, assuming an average unit size of 538 sq ft. The guide price for Starpoint works out to be a land rate of approximately $1,338 psf per plot ratio, which includes the Land Betterment Charge payable.
Based on URA’s caveats, the last unit to be sold at Starpoint was a 3,671 sq ft unit that was sold for $4 million ($1,090 psf) in June 2023. Prior to this, the last 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 Oct 16 at 1pm. Interested parties looking for properties in Starpoint can check out the latest listings. They can also make use of various tools available on the website to get a better understanding of the property market trends in the area. These include comparing the price trend of new sale condos vs resale condos, finding out the condo projects with the highest average PSF in District 5, checking out the condo projects with the most unprofitable transactions in the same district, and generating a price trend graph for resale condos in District 5.
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