SINGAPORE (EDGEPROP) - A 999-year leasehold residential plot in Kovan is on the market for $18 million. The regular land plot has a site area of 21,046 sq ft, and the guide price translates to about $855 psf on the land area. Edmund Tie is the sole marketing agent for the sale which will be conducted through a public tender exercise.

The plot is located at 48 Hillside Drive and is held by a single owner. The site is zoned ‘residential’ with a plot ratio of 1.4 under the 2019 Master Plan. The property is close to nearby amenities such as Heartland Mall, NEX, MyVillage and Chomp Chomp Food Centre. Connectivity is also enhanced given its proximity to Kovan MRT station and Serangoon MRT Interchange.

“With an affordable bite-sized quantum, and various redevelopment possibilities for the well-located site, the property will appeal to a wide range of potential buyers,” says Swee Shou Fern, executive director of investment advisory at Edmund Tie.

The plot could be subdivided into multiple landed homes or redeveloped into a boutique apartment project with up to 27 units, based on an average apartment size of 100 sqm (1,076 sq ft). The plot could also attract high-net worth and multi-generational families looking to build a home.

“Large single-owner redevelopment plots are tightly held and are rarely available. This may arguably be the last available plot for sale along Hillside Drive,” says Swee.

Since the plot is held by a single owner, potential purchasers can be assured of certainty in deal completion timeline. It will also be an “exceptional opportunity” for immediate redevelopment without having to wait for a sale order which is common in a collective sale, she says.

The plot is also adjacent to Jansen Mansions, a 12-unit apartment development that was put up for collective sale on Feb 18. The owners of this development are offering to sell the development for $19.8 million. PropNex is the marketing agent for this collective sale.

The tender exercise for the property at 48 Hillside Drive will close on March 23.

Check out the latest listings near Kovan MRT station and Serangoon MRT Interchange