_Exclusive Freehold Residential Land at Siglap Launched for Sale by Tender
Singapore, 2 August 2023 – Knight Frank Singapore, as the sole marketing agent, is pleased to announce the launch of an exclusive freehold residential land at 3 Palm Road for sale by tender.
Located within the popular Siglap neighbourhood in District 15, the freehold site has a land area of 1,319.1 square metres (sqm) or approximately 14,199 square feet (sq ft). The property is zoned “Residential” with a Gross Plot Ratio of 1.4 under the Master Plan 2019. It currently houses a 2-storey bungalow built in the 1980s.
The site can potentially be redeveloped into a boutique residential development comprising 18 units with an average size of 100 sqm, or landed housing such as bungalows or semi-detached houses, subject to approval from the relevant authorities.
Nestled amid a low-rise residential enclave, the property offers a tranquil living environment in an established neighbourhood. It is strategically located approximately 300 metres from the upcoming Siglap MRT Station on the Thomson-East Coast Line scheduled for opening in 2024.
Siglap is well-known for its culinary offerings with eateries, bars and cafes offering a plethora of food choices, from local multi-ethnic fare to international cuisine. Close by, shopping and retail amenities like Siglap Centre, Siglap V, i12 Katong and Parkway Parade offer more dining options. Its proximity to the East Coast Park, a popular stretch for sporting and recreational activities, adds even more appeal to its attractive location.
The vendor will consider offers in excess of S$19 million, which translates to approximately S$1,338 per square foot (psf) on land. For a proposed redevelopment up to a Gross Plot Ratio of 1.4 for apartments, the land rate works out to approximately S$1,541 psf per plot ratio (ppr), inclusive of land betterment charge.
Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets, Knight Frank Singapore (执行董事,资本市场部, 莱坊), said, “The property presents an exclusive opportunity for prospective purchasers to acquire a home in an established residential enclave in the East. Its location boasts unparalleled convenience with dining, entertainment and recreational amenities within easy reach.”
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 property’s legal title held by a single family presents an opportunity for immediate redevelopment, without the need to go through the uncertainties of a collective sale. The property will also appeal to large multi-generational or extended families looking to build a new home, with its maximum permissible Gross Floor Area of close to 20,000 sq ft.”
New private residential sales continued to set new price benchmarks at project launches, with transacted prices at the freehold The Continuum averaging around S$2,730 per sq ft since its launch in May 2023, and 99-year leasehold projects Tembusu Grand and Grand Dunman averaging around S$2,475 to S$2,530 per sq ft from April 2023. Even with the recent cooling measures announced in April 2023, total sales in the second quarter of 2023 grew 20.9% from the previous quarter, supported by demand from Singaporean and Permanent Resident buyers purchasing homes mostly for their own stay.
Prices for landed homes rose by 7.0% in the first half of 2023, according to the URA Property Price Index (PPI), with a total of around S$2.7 billion worth of landed homes transacted. Landed home sales continued to move up with consistent demand amid limited saleable inventory of these niche homes, despite economic volatility. A detached house along Upper East Coast Road, built in the 1970s, transacted for $11.3 million or $1,567 per sq ft in June 2022.
“With the positive sentiments in the private residential new home sales and landed housing market, coupled with its proximity to the Siglap MRT station, palatable price quantum and fast turnaround time, we expect keen interest in this property”, Ms Chia added.
The tender will close on 6 September 2023 (Wednesday) at 3:00 PM.
Photo of 3 Palm Road