A freehold land parcel located at Jalan Jamal and Elite Park Avenue, off Upper East Coast Road in District 15, is up for sale by tender. The 35,528 sq ft site has an asking price of $38 million, or about $1,070 psf.

The land is zoned for three-storey mixed-landed housing under the URA Master Plan 2019. The currently vacant site offers the buyer the flexibility to develop it into various landed housing configurations, says ETC, the sole marketing agent for the site, in a Feb 18 press release.

“What makes this site even more appealing is that it is a vacant plot of regular shape, offering developers a true blank canvas to create a bespoke landed housing project — without the constraints of existing structures or the need for demolition,” adds Swee Shou Fern, ETC’s head of investment advisory.

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The plot is located within walking distance of Siglap MRT Station on the Thomson-East Coast Line. Other amenities in the vicinity include malls such as Parkway Parade and i12 Katong, which are roughly a 10-minute drive away, and East Coast Park.

Swee says the plot will see strong interest from developers, given the steady capital appreciation of landed properties in District 15. Citing data from URA, she points out that landed home property prices in the district charted a CAGR of 5.2% from 2015 to 2024, exceeding the 4.3% CAGR observed for landed homes islandwide over the same period.

The tender for the site will close on March 18 at 5pm.

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