Two adjoining houses on Gentle Road sold for $30.9 mil
/ EdgeProp Singapore |
The property at 43 Gentle Road (Picture: Knight Frank Singapore)
SINGAPORE (EDGEPROP) - Two adjoining freehold houses at 43 and 45 Gentle Road have been sold for $30.889 million through a tender exercise that was launched on Oct 16 and closed on Nov 16. The properties are an estate sale.
The buyer is Pinnacle Projects, a subsidiary of real estate development company Pinnacle Assets. According to a Nov 27 press release by Knight Frank Singapore, the appointed marketing agent for the two houses, the selling price was above the $30 million guide price set for the pair. The price works out to a land rate of $1,940 psf.
The two properties are in District 11's Chancery landed housing enclave and occupy a total land of about 15,923 sq ft that is zoned “Residential – two-story mixed-landed” under the Master Plan 2019.
Map of 43 Gentle Road (Source: EdgeProp LandLens)
Sited across the road from the Bukit Tunggal Good Class Bungalow Area, the houses are within walking distance of Novena and Newton MRT Stations.
Chia Mein Mein, head of capital markets, land and collective sale at Knight Frank Singapore, says the tender for 43 and 45 Gentle Road saw strong interest, with over 10 bids received.
“The properties appealed to both developers as well as home buyers in view of their strategic location amid the popular Chancery neighbourhood and the rare opportunity for amalgamation and redevelopment into niche landed homes,” she adds.
Sales transactions of landed properties on Gentle Road (Source: EdgeProp Research)
Victor Soh, managing director of Pinnacle Assets, says the company plans to redevelop the sites into “landed homes with high functionality while preserving a homely feel”. He adds: “We hope to bring a collection of luxurious homes to buyers who aspire to live within the popular residential enclave, amid a city location offering a myriad of lifestyle conveniences.”
Knight Frank’s Chia notes that landed homes continue to draw interest from buyers, including affluent and high-net-worth individuals who value the scarcity of such properties in Singapore. “On the back of healthy demand, developers continue to be on the lookout for prime landed residential sites with redevelopment potential,” she says.
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