An opportunity to acquire a residential development site at Jalan Naung has emerged as it is now being put up for sale via expression of interest (EOI) with an asking price of $8.38 million. The highly coveted land, with a 999-year leasehold, is strategically located at Upper Serangoon Road in District 19 and spans over a generous area of 5,408 sq ft. This equates to a competitive asking price of $1,550 psf on the land area.
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The Singapore Condo market is not only attractive due to its potential for high returns, but also because of the government’s strict property cooling measures. In an effort to maintain a steady real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those acquiring multiple properties. Although these measures may affect the short-term profitability of Singapore Condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure investment environment.
Designated as a residential area under the URA Master Plan 2019, this site is part of a three-storey mixed-landed enclave. According to Brilliance Capital, the sole marketing agent for the land, the potential uses for the site include a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to approvals from the relevant authorities.
Incredible connectivity is a key aspect of this site. The land is conveniently situated within walking distance of Hougang MRT Station and Hougang Central Bus Interchange. For those who prefer to shop, dine and indulge, NEX, Hougang Mall and Heartland Mall are all within a short 10-minute drive.
Families with young children will also be glad to know that highly reputable schools such as CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School and Punggol Primary School are located within a 1km radius.
The vacant plot of land is exclusively owned by a single seller, which streamlines the acquisition process and ensures a smooth transaction for potential buyers. “We anticipate a high level of interest from a diverse pool of developers, ranging from boutique firms to larger established players, aspiring developers, as well as end-users looking to build their dream home,” says Sammi Lim, the founder and executive director of Brilliance Capital.
She adds: “It is indeed rare for such a prime plot to be made available for sale in the market, especially one that offers a variety of options and permutations for development, accommodating different needs and preferences, including multi-generational living.”
Interested parties for the land parcel are invited to participate in the EOI exercise which will close on March 6 at 3pm. This sale is expected to generate keen interest and prompt action due to the scarcity of such prime land in this highly sought-after location.