Collective sale market in Singapore has a new entrant. Two pairs of neighbours have tied up for collective sale in Upper East Coast and launched their landed properties for sale.
The owners occupy semi-detached houses and launched them with S$26 million asking price. This was revealed by Edmund Tie & Co which has been hired as marketing agent.
The freehold sites occupy 28,449 sq ft area and going by the asking price the land rate translates to S$914 psf.
As per the Master Plan the houses have been categorized as mixed landed property sites. Upon redevelopment they can be turned into detached houses, semi-detached and even terrace housing. There is also the option to redevelop them into cluster housing for which planning approval needs to be obtained.
The location is attractive and falls between Sungei Bedok and Bedok South MRT Stations which are under development. It is also a kilometre away from Temasek Primary while it is less than two kilometres from Bedok Green Primary.
As per transaction data for the district that is available with the Urban Redevelopment Authority, a freehold semi-detached property in Sennett was sold for S$4.7 million in early September at a price of S$1,129 psf.
Also, a large house located in Lucky View bagged S$8.3 million or a rate of S$1,001 psf in the month of August.
Edmund Tie & Co’s Senior Director of Investment Advisory, Swee Shou Fern said that the market for landed property redevelopment sites is very small and these sites are rarely available. In such a scenario the asking price is fair and well within the developers’ investment radar.
The tender for these sites will close on the 31st of October.