Martia Road property sold off at a similar price per square foot to Normanton Park
According to a caveat filed on Sept 9, a three-storey detached house on a sprawling 19412 sq.ft site on Martia Road was just sold for $28million ($1,442 per square foot). CBRE was the exclusive marketing agent.
And at $1,442 per square foot, the price is similar to when Normanton Park was sold in 2019. Read more about Normanton Park
A property title search revealed that the property belonged to The Lady Superior of The Convent of The Holy Infant Jesus in Penang. Cyberpoint Capital Pte Ltd is the buyer. It is one of several companies that fall under Lee Rubber Co. Pte Ltd.
Lee Rubber would be interested in this property. It’s a great addition for its landbank. The house at 12 Martia Road borders a property Lee Rubber already owns, a building with a land area measuring 60,442 square feet, according to EdgeProp Inspector. The Odyssey The Global Preschool campus is now located in the building.
Lee Rubber also owns property on the other side of the road, 26 Still Road South. This is now Pat’s Schoolhouse Kathong. According to EdgeProp Inspector, the property covers 46,738 square feet. Both Pat’s Schoolhouse as well as Odyssey The Global Preschool belong to UK childcare provider Busy Bees. They leased the properties from Lee Rubber in 2016. Both buildings were renovated by Busy Bees for $5 million.
The two historic buildings on Still Road South, built in 1917, were once part a grand Victorian-style home of Moona Kadir Sultan, an Indian cattle merchant. He had given it the name Karikal Mahal. The property was taken and sold after he became indebted and went bankrupt in 1936.
The property was renovated and opened as the Grand Hotel (20 rooms), which was located within walking distance to the beach. Lee Rubber purchased the hotel in 1947.
In 1973, the government acquired a portion of the land in order to construct Still Road South. The property was then divided into two. The Grand Hotel was not longer in walking distance to the seaside due to the land reclamation that Marina Parade Town required.
The Grand Hotel was still in operation up to 2000. Although the buildings were left empty, a portion of them was used temporarily as storage for furniture that wasn’t needed. In 2009, the URA awarded conservation status to Still Road South’s two buildings.
A row of 40 semi-detached, single-storey prewar semi-detached homes at No. 1-40 Kuo Chuan Avenue. According to legend, the houses were built by Lee Kong Chian, a businessman and philanthropist and founder of Lee Rubber in the 1920s. These houses were reportedly used to house employees of Lee Rubber.
According to EdgeProp Inspector, written permission was granted in June for the demolition of the houses. The land area of the houses is 74,467 square feet.
The house at Martia Road is not currently under conservation status. The property is zoned for residential development up to five stories. It is close to top schools like CHIJ Katong Primary School, Tao Nan School, as well as amenities like the Marine Terrace MRT station of the Thomson-East Coast Line. Parkway Parade shopping centre is also nearby. Michael Tay, CBRE’s head of capital markets and the exclusive agent for the sale, stated that the property will be sold as vacant possession.
The sale of 12 Martia Road attracted the attention of its neighbors, especially those who own the row of eight terraced homes at 10A and 10G Martia Road next to it. The intermediate terraced house 10A, which is situated on 1,620 sq.ft of land, was sold last December for $2.95million ($1,821 per square foot). The intermediate terraced house at 10,A, which is situated on 1,620 sq ft of land, was sold for $3.88 million (or 31.5% more) at the end August.
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