SINGAPORE, 22 September 2021 – EDMUND TIE, as the sole marketing agent, is pleased to launch a freehold residential site for sale via a tender exercise.
Well located within one of the most sought-after residential enclaves in prime District 11, the property occupies a site area of 4,037.3 sq m (approximately 43,457 sq ft), offering generous grounds for one to develop a residential condominium development with ample communal facilities. Under Master Plan 2019, the regular-shaped site is zoned for Residential use at Plot Ratio 1.4 and can be redeveloped to accommodate up to 56 residential units, subject to planning approval.
The property is nestled in an affluent and tranquil neighbourhood surrounded by landed housing and Bukit Tunggal good class bungalow area, and is well-served by a plethora of retail and dining options at the nearby, namely United Square, Novena Square and Balmoral Plaza. The property is also within one kilometre of distinguished educational institutions such as Anglo-Chinese School (Junior), Anglo-Chinese School (Primary) and St. Joseph’s Institution Junior.
Plans are underway to transform the nearby Health City Novena into a world-class healthcare hub. The integrated hub will encompass a holistic eco-system that includes health services, research and education, commercial, leisure and public spaces, spurring transformation in the area and making the location more attractive to home buyers and investors alike.
The property is well connected to other parts of Singapore via major roads and expressways such as Bukit Timah Road, Newton Road, Dunearn Road, Pan Island Expressway (PIE) and Central Expressway (CTE). Newton MRT interchange and Novena MRT station are also within easy walking distance. With the upcoming completion of the Thomson-East Coast Line in the region, connectivity to other parts of Singapore will be further enhanced.
Executive Director of Investment Advisory Services, Ms Swee Shou Fern, commented: “The property, which is held by a family, presents an exceptional opportunity for immediate redevelopment, without having to deal with the uncertain timeline for a collective sale. The palatable quantum and strategic location of the site further enhance the appeal of the property for developers.”
The asking price for the property is $91.8 million. Including the estimated development charge, the asking price translates to a land rate of approximately $2,001 per square foot per plot ratio.
The tender exercise for the property will close on Wednesday, 27 October 2021 at 3pm.
ENDS
For further information, please contact:
Chan Yee Yin (Ms)
Head, Corporate Communications
O: + 65 6393 2369
Email: Yeeyin.chan@etcsea.com
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