SINGAPORE - A freehold site in Serangoon Gardens with a single-storey detached house on it will be put up for sale by auction later this month.
The 8,666 sq ft plot of land at 13 Brighton Crescent is zoned for two-storey mixed landed use and carries an indicative price tag of $7.7 million, said property firm Colliers International, which is conducting the auction.
This price works out to about $890 per sq ft (psf), said Colliers deputy managing director Grace Ng in a press release yesterday.
She added that this is a "reasonably attractive price in the current market, given the site's re-development potential".
The rectangular site can hold either two bungalows of about 4,333 sq ft each or three terrace houses with an area of 2,000 sq ft to 3,000 sq ft each, Colliers said.
Either configuration would appeal to home buyers seeking a larger space for a multigenerational household.
Property developers may also be keen in acquiring and developing the site due to "the rare availability of such sites being put up for sale in Singapore", the property consultancy added.