A freehold site at 2 and 4 Jalan Ulu Siglap has been launched for sale through an expression of interest (EOI) exercise with a guide price of $28 million. Measuring about 13,523 sq ft, the land is zoned for residential use. A nursing home currently occupies the site.

The site has strong redevelopment potential, says CBRE, which is exclusively marketing the property. Based on its planning parameters, the site has a baseline gross floor area (GFA) of 18,713 sq ft, translating to a gross plot ratio of 1.38. It has a regular shape, with a frontage of approximately 26m and a depth of about 48m.

Subject to approval from the relevant authorities, the site could potentially be redeveloped into a non-landed residential project or a landed housing scheme. Joshua Giam, director of capital markets for Singapore at CBRE, adds that buyers may also explore alternative redevelopment options, such as long-stay serviced apartments.

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Based on the property’s land area, the guide price of $28 million works out to about $2,070 psf. For a non-landed residential development, CBRE estimates the land rate to be around $1,462 psf per plot ratio, including the land betterment charge payable for the additional 7% bonus GFA for balconies.

Michael Tay, deputy managing director and head of capital markets for Singapore at CBRE, says that the site presents an attractive proposition for developers, homeowners and investors seeking a strategic entry into a mature and affluent residential enclave.

Located near the junction of Upper East Coast Road and Jalan Ulu Siglap, the property is surrounded by landed housing. It is a 10-minute walk from Siglap MRT Station on the Thomson-East Coast Line.

Nearby amenities include F&B and retail offerings along Upper East Coast Road, while malls such as Siglap V, Siglap Centre, Bedok Mall and Parkway Parade are within a 10-minute drive.

The EOI will close on July 15 at 3pm.