Residential redevelopment plot at 26 Moulmein Rise for sale at $55 mil
SRI is marketing two detached houses located at 26 Moulmein Rise (on the right, outlined in yellow) and 32 Moulmein Rise (left) (Picture: SRI Capital Market)
A double-storey detached house at 26 Moulmein Rise in the Novena area in prime District 11 is on the market for sale at $55 million. The property is situated on a freehold site of 12,012 sq ft with a gross plot ratio of 2.8, and with a maximum permissible gross floor area (GFA) of about 35,989 sq ft,. Hence, the price translates into a land rate of $1,605 psf per plot ratio (psf ppr), inclusive of the bonus GFA for balconies and land betterment charges.
Subject to approval from authorities, the site could potentially be redeveloped into a new private condo with 36 units, says Low Choon Sin, managing partner of SRI Capital Market, who's handling the sale.
According to Low, 26 Moulmein Rise is "arguably the last remaining landed house in the heart of Novena with the potential for redevelopment into a boutique condo". Given its location close to the integrated healthcare hub HealthCity Novena, the site could potentially be redeveloped into a co-living space catering to intergenerational living, postnatal care, or recovery accommodation, he adds.
A map showing 26 Moulmein Rise (outlined in black) and 32 Moulmein Rise (outlined in blue) (Picture: EdgeProp LandLens)
Separately, another detached house, just two doors away at 32 Moulmein Rise, is also up for sale by expression of interest (EOI). SRI is also the appointed marketing agent for the property, which sits on a freehold land area of 7,085 sq ft. It has a guide price of $15.5 million, or a land rate of $2,187 psf.
The property has the potential to be redeveloped into a new detached house. Alternatively, it could also be subdivided, and redeveloped into a pair of semi-detached houses, subject to approval from the authorities, says Bruce Lye, the founder and managing partner of SRI, who is handling the sale of 32 Moulmein Rise.
According to Lye, the new owner could occupy one of the semi-detached houses and lease out or sell the other.
The public tender for 26 Moulmein Rise and the EOI exercise for 32 Moulmein Rise will both close on August 26.
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