Pasir Ris 8 trigger the sale of property at Martia Road
After the heated launch of Pasir Ris 8, many properties start to get sell of at a higher price including the one at Martia Road.
According to a caveat filed Sept 9, a detached three-storey house that sits on a huge 19,412 square foot, freehold lot at a cul de sac on Martia Road just sold for $28 million ($1,442/ft).CBRE, an exclusive marketing agency, brokered the sale.
According to a property search, the property was owned in Penang by The Lady Superior of The Holy Infant Jesus Convent (CHIJ).Cyberpoint Capital Pte Ltd was the buyer.
Lee Rubber would be interested.It would be a great addition to the landbank. For the property at 12 Martia Road, Lee Rubber also owns a property on 60,442 acres. According to EdgeProp Inspector, this building is situated on the same land.The Odyssey The Global School now occupies the building.
Lee Rubber also owns the property at 26 Still Road South. It is now Pat’s Schoolhouse in Katong.EdgeProp Inspector shows that the property measures 46,738 sq feet.Both Pat’s Schoolhouse (and Odyssey The Global Preschool) are part of UK childcare service provider Busy Bees. The company leased the two properties from Lee Rubber back in 2016.Busy Bees spent $5 Million renovating both buildings.
These two historical buildings, located at Still Road South, were built in 1917. They were once part the grand Victorian-style mansion Moona Kadir Sultan, an Indian cattle merchant.He named it Karikal Mahal.He was in debt, and was declared bankrupt in 1936. The property was then seized and sold.
The property was then refurbished and opened in the 20-room Grand Hotel. It was only a short walk from the seaside at the time.Lee Rubber took over the hotel in 1947.
The land was part of a larger parcel that the government had purchased to build Still Road South. It was completed in 1973.This was the moment when the property was divided in two.Due to land reclamation, the Grand Hotel was no more within walking distance from the seaside.
The Grand Hotel continued to be in operation through 2000.Although the buildings were eventually left empty, some of them were used as temporary storage spaces for unwanted furniture.URA granted conservation status to the two buildings on Still Road South in 2009.
Behind Pat’s Schoolhouse, a row 40 single-storey semi-detached pre-war houses at No.1 to 40 Kuo Chuan Avenue.These houses were built in 1920 by Lee Kong Chian (philanthropist, businessman) and founder of Lee Rubber.They were used to house the employees at Lee Rubber.
According to EdgeProp Inspector in June, written permission was obtained for the demolition and reconstruction of the existing homes.The properties occupy an area of 74 467 sq ft.
The Martia Road house does not currently have conservation status.The site is zoned to residential development with up to five floors. It is near top schools, such as CHIJ Katong Primary School or Tao Nan School. There are also amenities like Parkway Parade shopping center and Marine Terrace MRT station on Thomson-East Coast Line.Michael Tay (CBRE head of capital market, exclusive marketing agent), will sell the property with vacant possession.
The 12 Martia Road transaction has attracted attention from its neighbours, especially the owners of the row next to them at 10A-10G Martia Road.The intermediate terraced home at 10A on a 1,620 square foot plot of land sold for $2.95 million ($1,821/ft) in December 2013.Eight months later, at the end of August the intermediate terraced home at 10E on a 1,630 sqft land area sold for $3.88million ($2,381 per square foot) or 31.5% more