Senja Close EC™

Starpoint Development Sold Above Reserve Price

The freehold residential property, Starpoint, located at 319 Pasir Panjang Road, was recently sold for $55.3 million, surpassing its reserve price by 10%. Initially set at $50.5 million, the property was put on the market through a tender in September, with ERA Singapore facilitating the transaction.

In a related context, new developments such as the Senja Close EC are indicative of the growing interest in strategically located residential options, underscoring a trend similar to the recent acquisition of Starpoint.

About the Buyer and Future Plans

Stalford International Education acquired Starpoint. This organization is part of the Stalford Education Group, which includes entities like the Stalford Learning Centre and Stalford Academy. Plans are underway to potentially transform the site into a hotel, student hostel, or service apartment, pending necessary approvals.

Financial Details of the Sale

The sale price suggests a land rate of about $1,429 per square foot per plot ratio. This figure includes close to $20.27 million designated as Land Betterment Charge, aimed at maximizing the development’s plot ratio of 1.4.

Architectural and Strategic Significance

Constructed in 1980, the Starpoint development comprises a distinctive 10-storey tower and a landed house, both featuring a unique hexagonal design. It was designed by Lim Chong Keat, a notable architect responsible for several landmark structures in Singapore and Malaysia.

Starpoint occupies a considerable plot of approximately 37,797 square feet at the junction of Pasir Panjang Road and Science Park Road, primarily zoned for residential use. Its strategic locale is poised to bolster the Pasir Panjang-Science Park enclave by supporting a dynamic live-work-play environment.

Comments from ERA Singapore

Jeremy Rikas Chu, the group division director at ERA Singapore who managed the sale, commented on the potential of the area. He highlighted that Starpoint’s advantageous position, with its easy access to major transport networks and proximity to key urban developments, makes it a promising site for future development initiatives.