The existing property comprises a two-storey bungalow that was built in the 1980s. The property is zoned for residential use and has a plot ratio of 1.4
A freehold bungalow at 3 Palm Road has been put up for sale by tender, according to Knight Frank, the marketing agent. The property, which sits on a 14,199 sq ft site, is priced from $19 million, which translates to a land rate of about $1,338 psf.
The existing property comprises a two-storey bungalow that was built in the 1980s. The property is zoned for residential use and has a plot ratio of 1.4 under the master plan. The site is within a low-rise residential enclave in Siglap. It is about 300m from the future Siglap MRT Station on the Thomson-East Coast Line, set to be completed by 2024.
“The property presents an exclusive opportunity for prospective purchasers to acquire a home in an established residential enclave in the east. Its location boasts unparalleled convenience, with dining, entertainment and recreational amenities within easy reach,” says Mary Sai, executive director, capital markets, at Knight Frank Singapore.
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According to Knight Frank, this plot is primed for redevelopment into a boutique residential development of 18 units, or landed housing comprising bungalows or semi-detached houses, subject to approvals.
For a proposed redevelopment up to the maximum plot ratio for apartments, the land rate works out to approximately $1,541 psf per plot ratio, inclusive of the land betterment charge, says Knight Frank.
“The property’s legal title, held by a single family, presents an opportunity for immediate redevelopment, without the need to go through the uncertainties of a collective sale,” says Chia Mein Mein, head of capital markets (land & collective sale), at Knight Frank Singapore.
She adds: “The property will also appeal to large multi-generational or extended families looking to build a new home, with its maximum permissible gross floor area of close to 20,000 sq ft.” The site’s proximity to Siglap MRT Station and palatable price quantum will likely draw in many keen buyers, she says.
The tender for the sale of 3 Palm Road will close on Sept 6.