_Adjoining properties at Gentle Road sold for S$30.889 million in estate sale

January 06, 2024

Singapore – Knight Frank Singapore, as the sole marketing agent, is pleased to announce the sale of two adjoining freehold properties at 43 and 45 Gentle Road for S$30.889 million.

The winning bid was made by Pinnacle Projects Pte Ltd, a subsidiary of Pinnacle Assets Pte Ltd, in a tender exercise that closed on 16 November 2023. A homegrown real estate development company, the Pinnacle Assets Group specialises in niche landed developments, most of which are in prime districts.

The sale price of S$30.889 million, above the guide price of S$30 million, translates to a land rate of S$1,940 per square foot (psf).

The two properties situated in District 11's Chancery landed housing enclave measure a total land area of 1,479.3 square metres (sqm) or approximately 15,923 square feet (sq ft) and are zoned “Residential – 2-story mixed-landed” under the Master Plan 2019.

Sited across the road from the Bukit Tunggal Good Class Bungalow Area, the properties offer a serene living environment in an upscale residential neighbourhood. The favourable location is within walking distance to the Novena and Newton MRT stations, and in close proximity to the vibrant commercial and medical hubs at Novena.

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, “We received strong interest in the estate sale of the two properties, with more than 10 submissions received at the close of the tender exercise. The properties appealed to both developers as well as homebuyers in view of their strategic location amid the popular Chancery neighbourhood and the rare opportunity for amalgamation and redevelopment into niche landed homes.”

Mr Victor Soh, Managing Director of Pinnacle Assets Pte Ltd, shared, “We have plans to redevelop the sites into landed homes with high functionality while preserving a homely feel. Together with our pair of semi-detached houses along Chancery Lane, we hope to bring a collection of luxurious homes to buyers who aspire to live within the popular residential enclave, amid a city location offering a myriad of lifestyle conveniences.”

Ms Chia added, “Notwithstanding economic volatility in the current year, landed home sales have continued to move as affluent and high-net-worth individuals remain drawn to the scarcity of these exclusive homes. On the back of healthy demand, developers continue to be on the lookout for prime landed residential sites with redevelopment potential.”

Sales activity for the landed homes market witnessed a pickup with 137 sale transactions recorded in 3Q 2023 compared to 118 registered in the quarter before. Within the prime districts, residential landed sales volume in District 11 registered its strongest showing in Q3 2023 with 26 caveats lodged in the quarter, up from 10 in Q2 2023 and 19 in Q1 2023. Housing demand for landed homes continues to be underpinned by homebuyers with strong financial standing backed by asset appreciation and wealth accumulation.

The tender for 43 and 45 Gentle Road was launched on 17 October 2023 and closed on 16 November 2023.

For further information, please 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

Lilian Hoe
Director, Marketing, Communications, Legal and Compliance, Knight Frank Singapore
lilian.hoe@sg.knightfrank.com | +65 6228 6807

_Adjoining properties at Gentle Road sold for S$30.889 million in estate sale

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