_Land zoned Civic & Community Institution at Telok Kurau launched for Sale by Tender

Knight Frank Singapore, as the sole marketing agent, is pleased to announce the launch of a land parcel located at 116 Lorong J and 119 Lorong K Telok Kurau for sale by public tender. The land parcel is offered for sale on a 103 years leasehold tenure.

The subject property sits on a land measuring 9,705.5 square metres or approximately 104,469 square feet, which is zoned “Civic & Community Institution” under the Urban Redevelopment Authority (URA) Master Plan 2019. It may be used for civic, community, cultural, association/clan or other similar purposes. A Home for the Aged or Welfare Home would come under this zoning. A Written Permission has also been granted from URA to use the subject site as a students’ hostel.

The subject property is currently used as a student accommodation and consists of 115 rooms distributed across two blocks of 3-storey and 4-storey buildings. Its indicative guide price of S$30 million works out to approximately S$287 per square foot on land.

Located at the eastern part of Singapore, within a matured neighbourhood of District 15, the subject property is well located and served by many shopping, entertainment, and recreational amenities. Kembangan Mass Rapid Transit station is a short walk away. The address enjoys excellent accessibility with dual frontages onto both Lorong J and Lorong K Telok Kurau. Private Education Institutions (PEIs) such as Canadian International School and Global Indian International School are located within the vicinity.

Ms Chia Mein Mein (谢敏敏), Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore, commented, “Land parcels that are zoned Civic & Community Institution are rarely available for sale and usually offered on a 30-year lease. Given the lease tenure of 103 years, this is a valuable opportunity to prospective parties seeking long-term solutions with certainty in terms of their investment outlay.”

“As Singapore’s aging population continues to increase, we expect a pick-up in demand for aged care facilities – especially for the middle to upper income group, which is currently under-served.”

Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets, Knight Frank Singapore shared, “With the re-opening of borders and the continued relaxation of COVID-19 restrictions in Singapore, more international students are expected to enrol in PEIs. Consequently, demand for student housing will also trend upwards from 2023. We can anticipate keen interest for this listing.”

The tender will close on 20 October 2022, Thursday at 3pm.

For further information, please contact:

Chia Mein Mein, Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore
(E) meinmein.chia@sg.knightfrank.com (D) +65 9117 4522
 
Mary Sai, Executive Director, Capital Markets, Knight Frank Singapore
(E) mary.sai@sg.knightfrank.com (D) +65 9388 7879