Two adjoining freehold sites on Gentle Road for sale from $30 mil
/ EdgeProp Singapore |
The two adjoining sites at Gentle Road (Picture: Knight Frank Singapore)
SINGAPORE (EDGEPROP) - Two freehold residential sites at 43 and 45 Gentle Road are up for estate sale by tender, according to a press release by Knight Frank Singapore. Located in the Chancery landed housing enclave in District 11, the two adjoining sites have a total land area of about 15,923 sq ft.
The plots are zoned for “Residential - 2-storey mixed-landed” use and presently house a pair of single-storey semi-detached houses built in the 1950s. Both properties have regular site configurations with a combined frontage of approximately 36m.
Map of 43 Gentle Road (Source: EdgeProp LandLens)
The vendors of the properties are “expecting offers in excess of $30 million for both properties”, says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore. This works out to $1,884 psf on the land area.
Chia believes the properties will appeal to boutique developers who are looking at redevelopment of niche landed homes in the form of bungalows, semi-detached or terrace houses, subject to authorities’ approval. She adds: “The properties are also attractive to homebuyers and large multi-generational or extended families looking to build a new home amid the prestigious and serene Chancery neighbourhood.”
Notwithstanding economic volatility in the current year, residential landed sales volume in District 11 registered its strongest showing in 3Q2023 with 25 caveats lodged in the quarter, up from nine in 2Q2023 and 17 in 1Q2023, Chia points out.
“While the current economic headwinds and elevated interest rate environment may place some homebuyers on the sidelines, affluent individuals remain drawn to the exclusivity of these niche landed homes in view of its scarcity,” she continues.
Sales transactions of landed properties on Gentle Road (Source: EdgeProp Research)
The tender for 43 and 45 Gentle Road will close on Nov 16 at 3pm.
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