SINGAPORE (EDGEPROP) - A freehold residential site on Pasir Panjang Road is up for sale by tender with an indicative price “in excess of $18 million”, says marketing agent Knight Frank Singapore.

Read also: Telok Kurau land parcel on the market for $30 mil

Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the 16,379 sq ft site, which currently houses a single-storey bungalow with several outhouses, is ideal for redevelopment.

Zoned for residential use under the URA 2019 Master Plan, the site has a gross plot ratio of 1.4, which translates to a maximum gross floor area of almost 23,000 sq ft. It has a wide 43m frontage along Pasir Panjang Road.

“The property has the potential to be redeveloped into either a boutique residential development comprising 21 units with an average size of 1,076 sq ft, or landed homes such as bungalows, semi-detached or terrace houses, subject to approval from the relevant authorities,” says Chia. She adds that the site would appeal to large multi-generational or extended families looking to build a new home.

The property’s legal title is held by a single family. Chia highlights that this presents an opportunity for immediate redevelopment, without the need to go through the uncertainties of a collective sale. She anticipates keen interest in the tender given the site’s palatable price quantum, fast turnaround time and strategic location.

The guide price is around $1,099 psf based on the land area. For a proposed redevelopment of the site up to the gross plot ratio of 1.4, the land rate works out to approximately $1,308 psf per plot ratio, including the land betterment charge, says Knight Frank Singapore.

The property is about 500m away from the Haw Par Villa MRT Station on the Circle Line. It is also within 2km of the National University of Singapore and National University Hospital.

Mary Sai, Knight Frank Singapore’s executive director, capital markets, says the sale of nearby developments Gloria Mansion and Flynn Park in the past months has spurred interest in the area. “With the Greater Southern Waterfront transformation plan on the horizon, this listing is an exciting opportunity for investors and homeowners,” she adds.

Gloria Mansion, a 12-storey freehold residential development comprising 31 apartments, was sold en bloc for $70.3 million to Fraxtor Capital and a group led by the family offices of Daniel Teo and Teo Teck Weng in January. Meanwhile, Flynn Park, a 72-unit freehold condominium, was sold en bloc for $371 million ($1,355 psf ppr) to a joint venture between Hoi Hup Realty and Sunway Developments in September 2021. (See potential condos with en bloc calculator)

The tender will close on Oct 13 at 3pm.

Check out the latest listings near Pasir Panjang Road, Gloria Mansion, Flynn Park, Haw Par Villa MRT Station