Freehold landed development site in Novena for sale at $22 mil
/ EdgeProp Singapore |
The site consists of two plots with a combined land area of about 9,785 sq ft (Picture: ERA Realty Network)
SINGAPORE (EDGEPROP) - A landed development site located at 113 and 113A Shrewsbury Road, off Moulmein Road in District 11’s Novena area, has been launched for sale through an expression of interest (EOI) exercise. The site has a guide price of $22 million, which works out to $2,248 psf on the land area.
The site consists of two plots with a combined land area of about 9,785 sq ft and a wide frontage of 36m. The site is zoned for residential use with a gross plot ratio of 1.4. As the site area is below 10,764 sq ft (1,000 sqm), it cannot be redeveloped into an independent block of apartments per URA guidelines, notes ERA Realty Network, the appointed marketing agent for the site. However, the site is suitable for redevelopment into landed housing, subject to approval from the relevant authorities, ERA adds.
Map showing 113 Shrewsbury Road (Source: EdgeProp LandLens)
“The excellent location of the site close to amenities and renowned schools, coupled with its freehold tenure, offers a compelling opportunity not only for developers but also buyers looking to build multi-generational homes for their families,” says Tay Liam Hiap, managing director of investment sales at ERA.
He adds: “Furthermore, the regular site configuration and wide road frontage facilitate land subdivision, and the site also has a high development baseline with no expected Land Betterment Charge (LBC) to be payable.”
The site is within walking distance of malls including Velocity @ Novena Square, Square 2 and United Square. Integrated healthcare hub HealthCity Novena and KK Women’s and Children’s Hospital are also nearby.
The site is within 1km of schools including St Joseph’s Institution Junior and Hong Wen School, while schools within a 2km radius include CHIJ Primary Toa Payoh, Anglo-Chinese School (Primary), Anglo-Chinese School (Junior) and St Margaret’s School (Primary).
Sales transactions of landed houses on Shrewsbury Road (Source: EdgeProp Research)
The EOI exercise for 113 and 113A Shrewsbury Road will close on Dec 19 at 3pm.
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