An expression of interest (EOI) has been announced for a residential development site located at Jalan Naung, with an asking price of $8.38 million. The land is zoned for residential use under the URA Master Plan 2019, situated in a three-storey mixed-landed area.
This 999-year leasehold land parcel, situated in District 19 off Upper Serangoon Road, covers a total area of 5,408 sq ft. Based on the land area, the asking price works out to be $1,550 psf.
Brilliance Capital, the sole marketing agent for the land, has stated that the site has potential for development into a detached house, a pair of semi-detached houses, or a strata mixed-landed development. This, however, is subject to approvals from the relevant authorities.
Moreover, the location of the site offers convenience as it is within walking distance to Hougang MRT Station and Hougang Central Bus Interchange. Lifestyle hubs like NEX, Hougang Mall, and Heartland Mall are also within a 10-minute drive.
Within a 1km radius, there are notable schools such as CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School.
Brilliance Capital has also highlighted that the vacant plot of land is owned by a single seller, streamlining the acquisition process for potential buyers and ensuring a hassle-free transaction.
Investing in a condominium in Singapore offers numerous benefits, one of which is the potential for capital appreciation. The country’s advantageous position as a prominent business hub, combined with its robust economic foundations, fuels a constant demand for real estate. Historically, Singapore’s property prices have consistently shown an upward trend, particularly in prime locations where condos have experienced significant appreciation. Those who choose to invest in the market at an opportune time and hold onto their properties for a prolonged period can reap substantial capital gains. Additionally, keeping an eye on new condo launches can also provide profitable investment opportunities for condo buyers in Singapore.
Founder and executive director of Brilliance Capital, Sammi Lim, is confident that there will be strong interest from developers, including boutique firms, larger setups, aspiring developers, and end-users looking to build their dream home. She also emphasizes on the rarity of such a plot being put up for sale in the market, providing various options and permutations for development to cater to different needs and preferences, including multi-generation development.
The EOI exercise for the land parcel will close on March 6 at 3pm.