An EOI has been launched for the sale of a residential development site at Jalan Naung, which has a listed asking price of $8.38 million.
The land, which has a 999-year leasehold and a total area of 5,408 sq ft, is zoned for residential use within a three-storey mixed-landed area under the URA Master Plan 2019. This translates to a price of $1,550 psf on the land area.
The site, located in District 19 off Upper Serangoon Road, has been put up for sale by Brilliance Capital, the sole marketing agent for the land. According to the agency, the land has the potential to be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to approvals from the relevant authorities.
The strategic location of the site is another factor that is expected to attract strong interest from developers. It is within walking distance of Hougang MRT Station and Hougang Central Bus Interchange, as well as popular lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall which are all just a 10-minute drive away.
Additionally, the land also boasts a highly coveted address as it is situated within a 1km radius of reputable schools such as CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School.
The vacant plot of land is currently owned by a single seller, which will likely streamline the acquisition process and ensure a smooth and hassle-free transaction for potential buyers.
Sammi Lim, the founder and executive director of Brilliance Capital, anticipates strong interest from a diverse range of potential buyers, including boutique firms, larger developers, aspiring developers, and end-users looking to build their dream home.
Lim adds that it is a rare opportunity for a plot of land with various development options and configurations to be made available for sale, providing the flexibility to cater to different needs and preferences, including multi-generational living.
In order for international investors to navigate the property market in Singapore, it is crucial to have a clear understanding of the regulations and limitations that govern property ownership. While foreigners are usually able to buy condominiums with relative ease, owning landed properties entails stricter rules. Moreover, foreign buyers are also required to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property purchase. Despite these additional expenses, the stability and potential for growth offered by the Singapore real estate market continue to attract foreign investment. This is evident in the increasing interest in Singapore Projects among international investors.
The EOI exercise for the residential development site will close on March 6 at 3pm.