A prime residential development site located at Jalan Naung has been listed for sale by expression of interest (EOI) with an asking price of $8.38 million. The Urban Redevelopment Authority’s Master Plan for 2019 designates the land for residential use within a mixed-landed zone with a maximum of three storeys. This 999-year leasehold property spans over 5,408 square feet and is situated off Upper Serangoon Road in District 19. The asking price equates to a rate of $1,550 per square foot on the land area.
According to Brilliance Capital, the exclusive marketing agent for the site, the potential developments for the land include a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to approvals from relevant authorities. This strategically located site is within walking distance to Hougang MRT Station and Hougang Central Bus Interchange, making it easily accessible. It is also surrounded by popular lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall, all within a 10-minute drive.
The location of this land parcel also makes it an attractive choice for families with young children as several renowned schools, including CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School, are within a 1km radius.
Brilliance Capital mentions that the plot of land is currently owned by a single seller, making the acquisition process smooth and hassle-free for potential buyers. “We anticipate a high level of interest from various parties, including boutique firms, larger developers, aspiring developers, and end-users looking to build their dream home,” says Sammi Lim, the founder and executive director of Brilliance Capital. She also adds, “It is a rare opportunity to acquire such a versatile plot of land in the market, offering different development options to cater to various needs and preferences, including multi-generational homes.”
When contemplating an investment in a condominium, it is critical to also evaluate the potential rental yield. Rental yield refers to the annual rental income compared to the property’s purchase price, expressed as a percentage. In Singapore, the rental yields for condos can vary significantly based on factors such as location, property condition, and market demand. Certain areas, like those near business hubs or educational institutions, tend to offer higher rental yields due to the intense demand for rental properties. It is essential to conduct extensive market research and seek guidance from real estate agents to gain valuable insights into the rental potential of a specific condo. Additionally, staying updated on new condo launches can provide valuable opportunities for potential investments.
Interested parties can participate in the EOI exercise for this land parcel until March 6 at 3pm.