The land measures 104,469 sq ft and is zoned for civic and community institution use (Picture: Knight Frank Singapore)
SINGAPORE (EDGEPROP) - According to marketing agent Knight Frank Singapore, a land parcel zoned for civic, and community institution use in District 15’s Telok Kurau area has been launched for sale by tender with a guide price of $30 million. The site’s zoning allows it to be used for civic, community, cultural, association, clan, or other similar purposes. A home for the aged or welfare home would come under this zoning.
Read also: Freehold corner shophouse in Pasir Panjang on the market for $7.98 mil
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that such land parcels are rarely available for sale and usually have a lease of 30 years. “Given the lease tenure of 103 years, this is a valuable opportunity to prospective parties seeking long-term solutions with certainty regarding their investment outlay,” she adds.
The site, which has dual frontages along 116 Lorong J and 119 Lorong K Telok Kurau, spans 104,469 sq ft and has a 103-year leasehold tenure. Based on the land area, the guide price works out to $287 psf.
Map of the property (Source: EdgeProp LandLens)
Knight Frank Singapore says permission from the URA to use the site as a student hostel has been obtained. Currently, the site houses a 115-room student accommodation across two blocks of three- and four-storey buildings.
Mary Sai, executive director of capital markets at Knight Frank Singapore, notes that the property is also close to international schools, including the Canadian International School and Global Indian International School. To that extent, it may benefit from the rising demand for student housing from international students in the coming year. She adds that more international students are expected to enroll in private educational institutions with the re-opening of borders and the continued relaxation of Covid-19 restrictions.
The property is within walking distance of the Kembangan MRT Station on the East-West Line. The tender for the site will close on Oct 20 at 3pm.
Check out the latest listings near Telok Kurau, Kembangan MRT Station