A prime residential development site located at Jalan Naung is now open for sale through expression of interest (EOI), with an asking price of $8.38 million.
The attractiveness of investing in a condominium in Singapore has grown tremendously among both local and foreign investors. This is largely due to the nation’s strong economy, stable political climate, and exceptional standard of living. The real estate market in Singapore offers a plethora of opportunities, and one option that stands out is investing in a condominium. These properties are highly sought after for their convenience, amenities, and potential for high returns. And with the recent introduction of new condo launches, there couldn’t be a better time to explore the advantages, considerations, and necessary steps when investing in a condo in Singapore.
Situated within the three-storey mixed-landed area as designated by the URA Master Plan 2019, the 999-year leasehold land parcel spans a total area of 5,408 sq ft. This translates to a land rate of $1,550 psf, making it an attractive investment opportunity.
Potential development options for the land include a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to approval from the relevant authorities. This is according to Brilliance Capital, the sole marketing agent for the land.
In addition to its prime location off Upper Serangoon Road in District 19, the site is also within walking distance to Hougang MRT Station and Hougang Central Bus Interchange. It is also conveniently located near popular lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall.
The site is also surrounded by reputable schools within a 1km radius, including CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School.
According to Sammi Lim, the founder and executive director of Brilliance Capital, the site is owned by a single seller, which will facilitate a smooth and hassle-free transaction for potential buyers.
Lim anticipates strong interest from developers, ranging from boutique firms to larger setups, aspiring developers, and end-users looking to build their dream home. She also notes that it is a rare opportunity to acquire a plot of land with various development options, catering to different needs and preferences, including multi-generation development.
Interested parties can submit their bids for the land parcel through the EOI exercise, which will close on March 6 at 3pm.