_Estate Sale of Two Adjoining Freehold Properties at Gentle Road for Tender

October 16, 2023

Singapore – Knight Frank Singapore, as the sole marketing agent, is pleased to announce the launch of an estate sale comprising two adjoining freehold properties at 43 and 45 Gentle Road for tender.

Located within the prestigious Chancery landed housing enclave in District 11, the two properties have a total land area of 1,479.3 square metres (sqm) or approximately 15,923 square feet (sq ft). The plots are zoned “Residential – 2-story mixed-landed” under the Master Plan 2019 and presently house a pair of single-storey semi-detached houses built in the 1950s. Both properties have regular site configurations with a combined frontage of approximately 36 metres, a feature that is ideal for redevelopment.

The properties are set in a serene living environment in an upscale residential neighbourhood, facing the Bukit Tunggal Good Class Bungalow Area. The location boasts unparalleled convenience with the Novena and Newton MRT stations a short walking distance away.

The Chancery neighbourhood is in close proximity to shopping malls such as Novena Square, Square 2 and United Square that offer a wide selection of dining, retail, and entertainment amenities. Additionally, the Novena area hosts a vibrant medical hub comprising Mount Elizabeth Novena Hospital, Novena Specialist Centre, and the upcoming HealthCity Novena which will be Singapore’s largest medical complex comprising Tan Tock Seng Hospital and various public healthcare facilities. Reputable schools such as Anglo-Chinese School (Primary) and St. Joseph’s Institution Junior are located within a one-kilometre radius.

Ms Chia Mein Mein (谢敏敏), Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore (主管, 房地产与集体销售, 资本市场部, 莱坊) commented, “The vendors are expecting offers in excess of S$30 million for both properties, which translates to approximately S$1,884 per square foot (psf) on the land area. The properties will appeal to boutique developers who are looking at redevelopment of niche landed homes in the form of bungalows, semi-detached or terrace houses, subject to authorities’ approval. The properties are also attractive to homebuyers and large multi-generational or extended families looking to build a new home amid the prestigious and serene Chancery neighbourhood.”

Notwithstanding economic volatility in the current year, residential landed sales volume in District 11 registered its strongest showing in Q3 2023 with 25 caveats lodged in the quarter, up from 9 in Q2 2023 and 17 in Q1 2023.

In March 2023, three adjoining freehold bungalows at the nearby Chancery Hill Road and Dyson Road location were sold for S$61.08 million or approximately $1,900 psf on land. In May 2023, Kew Lodge, a freehold landed collective sale site at Kheam Hock Road, was sold at $66.8 million or approximately $1,940 psf on land. Other noteworthy deals include 29 and 29A Barker Road sold in May 2023 for $32.2 million or approximately $2,280 psf and 12 Chancery Lane transacted in June 2023 for $16.6 million or approximately $2,111 psf.

Ms Chia commented, “While the current economic headwinds and elevated interest rate environment may place some homebuyers on the sidelines, affluent individuals remain drawn to the exclusivity of these niche landed homes in view of its scarcity.”

“With the regular site configuration of the plots, boutique scale and palatable price quantum, we anticipate keen interest in this tender.” Ms Chia added.

The tender will close on 16 November 2023 (Thursday) at 3:00 PM.

For further information, contact:

Chia Mein Mein

Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore
meinmein.chia@sg.knightfrank.com | +65 9117 4522 | +65 6228 6868

Lillian Hoe

Director, Marketing, Communications, Legal and Compliance, Knight Frank Singapore

lilian.hoe@sg.knightfrank.com | +65 6228 6807

_Estate Sale of Two Adjoining Freehold Properties at Gentle Road for Tender

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