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Detached house on Florence Road on sale for $13.5 mil

/ EdgeProp Singapore |

October 23, 2019 3:51 PM SGT

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SINGAPORE (EDGEPROP) - A single-storey detached house at 62 Florence Road, off Upper Serangoon Road, is on sale by public tender, announced the sole marketing agency CBRE. The indicative price is about $13.5 million, which translates to about $850 psf on the land area.

The delta-shaped plot enjoys dual road frontage along Florence Road and Lim Ah Pin Road. The 15,871 sq ft site is currently occupied by a vacant house built in the 1930s. The site has a 947-year leasehold tenure with effect from Oct 5, 1934, and is zoned for residential use with a gross plot ratio of 1.4, based on the 2019 Draft Master Plan.

The indicative price of 62 Florence Road is about $13.5 million, which translates to about $850 psf on the land area (Pictures: CBRE)

Michael Tay, senior executive director of capital markets at CBRE, says: “62 Florence Road is a unique development site as it offers the buyer several redevelopment options. As the current plot ratio is under-utilised, the site can be redeveloped to accommodate a five-storey boutique development comprising 20 apartments of about 1,076 sq ft in unit size area, a basement carpark and communal facilities.”

He estimates a development charge of $3.7 million for this redevelopment plan, subject to URA confirmation.

“Given that the area is relatively tranquil and private, surrounded by various landed houses, we expect keen interest from investors or boutique developers focusing on quality niche developments. The site will also appeal to owner-occupiers who are in search for places suitable for multi-generation living,” he says.

The 15,871 sq ft site is currently occupied by a vacant house built in the 1930s

The indicative price is “reasonably attractive” compared to a nearby land plot at 36 Flower Road which fetched $915 psf in September this year, he adds.

The site is close to Kovan MRT Station, Heartland Mall, and Kovan Market & Food Centre. Nearby schools include Rosyth School, Maris Stella High School, Paya Lebar Methodist Girls’ School, Nanyang Junior College, Serangoon Junior College, as well as an Australian and a French international school.

For price trends, recent transactions, other project info, check out the Florence Road research page

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