Upper East Coast site launched for sale

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Upper East Coast site launched for sale

A three-storey mixed landed housing development at Upper East Coast has been launched for en bloc sale via tender for $26 million...

The owners of the freehold property are expecting offers of about $26 million. (Photo: ET&Co)

A three-storey mixed landed housing development at Upper East Coast has been launched for en bloc sale via tender for $26 million, which works out to about $914 psf per plot ratio based on its land area of 28,449 sq ft, revealed marketing agent Edmund Tie & Co.

“Sizeable sites for landed housing development are rarely available. The price quantum of this property is also palatable to developers,” said Swee Shou Fern, senior director at ET&Co’s Investment Advisory division.

Moreover, all the homeowners gave their consent to the collective sale.

More: Developers’ En Bloc Appetite Diminishing: RHB

Given that the freehold site is zoned for three-storey mixed landed housing, the winning bidder has the flexibility to construct detached, semi-detached and terrace homes or a combination of such properties, either as typical residences or as a cluster housing project as long as the developer obtains planning approval.

The site is also close to Bedok Food Centre and East Coast Park and is a short walk from the upcoming Sungei Bedok MRT Interchange on the Downtown Line (DTL) and Thomson-East Coast Line (TEL).

It is also within proximity to established schools like Temasek Primary School, Temasek Junior College and Singapore University of Technology and Design (SUTD).

Furthermore, the site is a short drive from Changi Business Park and Changi Airport, with the highly-anticipated completion of Jewel Changi Airport further boosting the area’s appeal.

The tender exercise for the freehold site closes on 31 October.

More: Understanding The En Bloc Process (August 2018)

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg