_Rare Freehold Residential Land at Fernhill Close Launched for Sale by Tender
Singapore, 14 June 2023 – Knight Frank Singapore, as the sole marketing agent, is pleased to announce the launch of a coveted freehold residential land at 78A Fernhill Close for sale by tender.
The exclusive freehold property has a land area of 686.2 square metres (sqm) or approximately 7,386 square feet (sq ft). The property is zoned “Residential – 3-storey mixed-landed” under the Master Plan 2019, and currently houses a 2-storey bungalow built sometime in the 1990s. Located on a quiet cul-de-sac with a wide frontage of approximately 40 metres onto Fernhill Close, it is suitable for redevelopment into luxurious residential landed homes.
Perfectly positioned at the fringe of the Nassim Road Good Class Bungalow Area, home to some of the most expensive landed properties in Singapore, the property offers a luxurious living experience within the upscale residential enclave. Its immediate vicinity lends prestige to the address with Good Class Bungalows at Nassim Road on one side, and the landed homes at Fernhill estate bordering the other.
Its position boasts unparalleled convenience with the Orchard Road and Tanglin shopping belts a short walking distance away, offering endless dining, retail, and entertainment amenities. And at the same time is also a sanctuary from the hustle and bustle of Orchard Road, with the Singapore Botanical Gardens a short walk away.
The vendor will consider offers in excess of S$22 million, which translates to approximately S$2,978 per square foot (psf) on land.
In April 2023, a record land rate of $4,500 psf was achieved with the sale of three Good Class Bungalows at 42, 42A and 42B Nassim Road, located just 300 metres from 78A Fernhill Road.
Ms Chia Mein Mein, Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore commented, “The property, nestled amid a prestigious and coveted neighbourhood with the Nassim Road Good Class Bungalows as its immediate neighbours, presents a rare opportunity for homebuyers to acquire a property within an exclusive and upscale enclave.”
Prices for landed homes continued to rise by 5.9% in the first quarter of 2023, according to the URA Property Price Index (PPI). With buyers remaining resolute in their aspirations to acquire this scarce housing format in high-rise Singapore, a total of S$1.4 billion worth of landed homes was transacted during the quarter, reflecting a 28% expansion from the previous quarter.
The steady rise in affluence in a stable Singapore would contribute to the organic growth of the local wealth population, cascading into demand for the limited inventory of parcels for landed homes in an increasingly high-rise Singapore. Together with new high-net-worth citizens, these homebuyers will move the landed market upwards in a steady fashion over the medium to long-term, providing the fundamental support for capital preservation through generations.
Chia added, “The property has the potential to be redeveloped into a brand new luxurious three- storey bungalow, or niche semi-detached or terrace houses, subject to approval from the relevant authorities. It will also appeal to large multi-generational or extended families looking to build a new home.”
“With the positive sentiment in the landed housing market and increasing affluence among Singaporeans and new high-net-worth citizens, we anticipate keen interest from homebuyers, investors and developers, given the prime location of the property, its coveted address, and the scarcity of landed homes available for sale in this location”, Chia noted.
The tender will close on 25 July 2023, Tuesday at 3:00 pm.
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Source: Knight Frank Singapore
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