Island View Condominium in Pasir Panjang Launches Collective Sale Tender at $575 Million
Island View, a freehold condominium situated on Jalan Mat Jambol in Pasir Panjang, is set to undergo a collective sale tender. The marketing agent, PropNex Realty, announced the impending sale with a reserve price of $575 million, and the tender is scheduled to commence on September 19th.
Built in 1984, this 72-unit development occupies a sprawling freehold site spanning 309,543 sq ft, making it the largest freehold condo site in Pasir Panjang. The site is zoned for residential use with a gross plot ratio of 1.4.
The future development on this site has the potential to consist of up to five storeys and yield approximately 402 new homes, assuming an average unit size of 100 sqm or 1,076 sq ft. Additionally, higher-floor units may offer sea views, as the site faces Singapore’s southern coastline.
The land rate for the site, inclusive of land betterment charges and the 7% bonus balcony space, equates to $1,623 per sq ft per plot ratio. The property’s location near commercial areas, including Mapletree Business City, Science Park, Alexandra Technopark, one-north, the National University of Singapore, and the National University Hospital, is expected to attract strong leasing demand from working professionals. Moreover, the condominium is within walking distance of Pasir Panjang MRT Station, with anticipated improvements in connectivity upon the completion of the Circle Line in 2026.
In the long term, the Pasir Panjang district stands to benefit from forthcoming developments in the area, such as the Greater Southern Waterfront—a new major gateway for urban living and commercial activities—and the ongoing rejuvenation of Sentosa and its offerings.
The collective sale tender for Island View will conclude on October 19th at 2 pm, offering potential buyers a unique investment opportunity in a strategically located and promising area.
