Two freehold Gentle Road sites sold for S$30.9 million; Shrewsbury Road plot up for sale at S$22 million guide price
Samuel Oh
TWO adjoining freehold plots at 43 and 45 Gentle Road have been sold for S$30.89 million to boutique developer Pinnacle Assets, slightly over the properties’ guide price of S$30 million.
With a combined area of 1,479.3 square metres (sq m) or approximately 15,923 square feet (sq ft), the sale of the two sites translates to a land rate of S$1,940 per square foot (psf), marketing agent Knight Frank Singapore said on Monday (Nov 27).
“We received strong interest in the estate sale of the two properties, with more than 10 submissions received at the close of the tender exercise,” said Chia Mein Mein, Knight Frank Singapore’s head of capital markets (land and collective sale).
Located within District 11’s Chancery landed housing enclave, the plots currently house a pair of single-storey semi-detached houses built in the 1950s and can be rebuilt as detached, semi-detached or terrace houses up to two storeys high.
Victor Soh, managing director of Pinnacle Assets, said the company plans to develop the sites into landed homes, together with another pair of semi-detached houses along Chancery Lane which it acquired earlier in June 2023 for S$16.6 million.
Within the same District 11 residential enclave, a landed development site at 113 and 113A Shrewsbury Road has been put up for sale on Monday with a guide price of S$22 million, said marketing agent ERA Realty Network.
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This works out to a land rate of S$2,248 psf over the land area.
The freehold site comprises two plots with a combined land area of 909.1 sq m or 9,785 sq ft, zoned for residential use with a gross plot ratio of 1.4.
“As the site area is below 1,000 sq m, it is not capable of redevelopment into an independent block of apartments under current URA guidelines,” said ERA. It can be built up for landed housing.
“The regular site configuration and wide road frontage facilitates land subdivision, and the site also has a high development baseline with no expected land betterment charge to be payable,” added Tay Liam Hiap, ERA’s managing director of investment sales.
The site is close to Novena area malls, hospitals and medical centres and the Novena MRT station.
The expression of interest exercise for the Shrewsbury Road sale will close on Dec 19.
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