SINGAPORE - A residential development site situated off Upper Serangoon Road has been put up for sale via public tender at an indicative price of $13.5 million.
This works out to $850 per square foot (psf) on a land area of around 15,871 square feet (sq ft), exclusive marketing agent CBRE said on Tuesday.
The site is zoned for residential use with a plot ratio of 1.4, based on the Urban Redevelopment Authority's (URA) Draft Master Plan 2019.
The site, which is delta-shaped, is located at 62 Florence Road and enjoys a dual road frontage of 55 metres along Florence Road and 45 metres into Lim Ah Pin Road. It is occupied by a vacant single-storey detached house which was built in the 1930s.
The property's immediate neighbourhood comprises mainly of landed homes and is an eight-minute walk from Kovan MRT Station and bus interchange, along with Kovan City, Heartland Mall and Kovan Market and 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.
Michael Tay, CBRE senior executive director of capital markets, said the site is a unique one as it offers the buyer several redevelopment options. The current plot ratio is also underutilised.
This can be redeveloped to accommodate a five-storey boutique development comprising some 20 apartments of about 1,076 square feet in unit size area, a basement car park and communal facilities - subject to approvals by the relevant authorities. There will also be an estimated development charge of $3.7 million, subject to URA's confirmation.
Keen interest from investors or boutique developers focusing on quality niche developments is expected, Mr Tay said, adding that the site would also appeal to owner occupiers looking for spaces suitable for multi-generation living.
"What's more, the per square foot price at $850 is reasonably attractive, compared to a nearby land plot at 36 Flower Road that changed hands last month at $915 per sq ft," he added.
The tender will close on Dec 5 at 3pm.