A residential development site at Jalan Naung has been put up for sale via expression of interest (EOI) with an asking price of $8.38 million.

Under the URA Master Plan 2019, the land is zoned for residential use within a three-storey mixed-landed area. The 999-year leasehold land parcel, situated off Upper Serangoon Road in District 19, has a total area of 5,408 sq ft. The asking price works out to $1,550 psf on the land area.

According to Brilliance Capital, the sole marketing agent for the land, the site could potentially 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 site is within walking distance of Hougang MRT Station and Hougang Central Bus Interchange. Lifestyle hubs such as NEX, Hougang Mall and Heartland Mall are also within a 10-minute drive.

Schools within a 1km radius of the site include CHIJ Our Lady of the Nativity, Holy Innocents' Primary School, Montfort Junior School and Punggol Primary School.

Brilliance Capital says the vacant plot of land is owned by a single seller, which will streamline the acquisition process and ensure a hassle-free transaction for potential buyers.

“We anticipate strong interest from developers, ranging from boutique firms to larger setups, aspiring developers, and end-users looking to build their dream home,” says Sammi Lim, the founder and executive director of Brilliance Capital.

She adds: “It is indeed rare for such a plot to be made available for sale in the market, particularly one that offers various options and permutations for development, catering to different needs and preferences, including multi-generation development.”

The EOI exercise for the land parcel will close on March 6 at 3pm.