SINGAPORE (EDGEPROP) - Roselane Court, a freehold residential development along Rose Lane off Tanjong Katong Road in District 15, has been launched for sale by tender with a guide price of $23 million. The guide price translates to a land rate of about $1,375 psf per plot ratio (psf ppr) after factoring in a nominal land betterment charge, according to Knight Frank, who is marketing the property.

Roselane Court was completed in 2002 and has seven units. The property sits on a land area of 12,054 sq ft zoned for residential use with a gross plot ratio of 1.4. A new development on the site could have an estimated 18 units with an average size of 85 sqm (915 sq ft), subject to layout and configuration as well as approval from the relevant authorities.

Chia Mein Mein, Knight Frank’s head of capital markets (land and collective sale), notes that residential sites in the eastern part of Singapore remain popular among developers. Roselane Court is located close to the two freehold development land parcels at Thiam Siew Avenue which were sold for $815 million to a joint venture between Hoi Hup Realty and Sunway Developments in November 2021, at a land rate of $1,488 psf ppr. Meanwhile, two Government Land Sale sites at nearby Dunman Road and Jalan Tembusu were awarded last year at land rates of $1,350 psf ppr and $1,302 psf ppr respectively.

Elsewhere, Bagnall Court, a freehold condominium on Upper East Coast Road, was sold to a consortium led by Roxy-Pacific Holdings in January for $115.28 million at a land rate of $1,106 psf ppr. Last month, a joint venture between UOL Group and Singapore Land Group was awarded the collective sale tender for Meyer Park, a residential site along Meyer Road, for $392.18 million or a land rate of $1,668 psf ppr.

Chia points out that new project launches in the east have also seen a robust response. Sceneca Residence, MCC Land’s 99-year leasehold development along Tanah Merah Kechil Link, has seen nearly 60% of units taken up since its launch in mid-January with an average price of close to $2,100 psf. Liv@MB, the 99-year leasehold development by Bukit Sembawang Estates on Arthur Road, has achieved a take-up of about 86% with an average price of $2,412 psf since it launched last May, based on caveats lodged.

“This is a clear reflection of the strong market demand for properties in the eastern part of Singapore, given the healthy, take up for new project launches in this area,” comments Chia.

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According to Knight Frank, owners of the units at Roselane Court, which range from 624 to 1,851 sq ft, stand to receive minimum sale proceeds of approximately $1.9 million to S$4 million from the successful sale of the development.

Roselane Court is a 10-minute walk to the Dakota MRT Station. Schools within a 1km radius include Kong Hwa School, Tanjong Katong Primary School, and Haig Girls’ School.

The tender for Roselane Court will close on Apr 5 at 3pm.

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