The seven-storey freehold residential property Roselane Court has been relaunched for sale at $23 million (Photo: Knight Frank Singapore).
SINGAPORE (EDGEPROP) - Freehold residential development Roselane Court, located along Rose Lane off Tanjong Katong Road in District 15, has been relaunched for sale by public tender. In a press release dated Jan 2 by the property’s exclusive marketing agent, Knight Frank Singapore, the guide price for the property is $23 million.
This translates to a land rate of approximately S$1,320 psf per plot ratio, after taking into consideration the adjoining private remnant land of 545 sq ft, a land betterment charge and providing for the 7% bonus gross floor area allowed for balconies.
The property had been launched for sale by tender with a guide price of $23 million in March last year, with Knight Frank as its marketing agent.
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Roselane Court was completed in 2002 and houses seven units. The property has a land area of 12,054 sq ft and is zoned for residential use with a gross plot ratio of 1.4 under URA’s Master Plan 2019. According to Knight Frank Singapore, an estimated 18 new residential units with an average size of 915 sq ft can be developed on the site, subject to approval from the relevant authorities.
The adjoining private remnant land lot with a land area of 545 sq ft may also potentially be amalgamated with the plot, subject to the authorities’ approval.
The site of freehold residential property Roselane Court in Tanjong Katong (Photo: EdgeProp's LandLens).
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the development is located in a prime area with a rich cultural heritage. “It presents a rare opportunity for developers to acquire a prime site for redevelopment into boutique residential apartments that cater to home buyers who value the convenience that comes with a city-fringe location together with the serene environment that the property has to offer.”
The site is within walking distance to Dakota and Paya Lebar MRT Stations. Nearby amenities and retail options include the Paya Lebar Quarter Mall, Paya Lebar Square, Singapore Post Centre and Kinex. Schools located within a 1km radius from the property include Kong Hwa School, Tanjong Katong Primary School and Haig Girls’ School.
The tender for Roselane Court will close on Jan 12 at 3pm.