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Freehold site along Upper Changi Road up for sale at S$16m guide price
A FREEHOLD landed residential redevelopment site along Upper Changi Road has been put up for sale by expression of interest (EOI), with an indicative guide price of S$16 million.
This works out to a land rate of S$1,051 per square foot (psf), said the property's marketing agent Knight Frank Singapore on Wednesday.
The site comprises four freehold, single-storey houses, located at 537 Upper Changi Road, with a site area of 1,413.2 square metres (15,212 sq ft). Under the Master Plan 2014, the site is zoned "residential, three-storey mixed-landed". Subject to approval from the authorities, the site can be further redeveloped into eight terrace houses.
Knight Frank said the site is nestled within a landed residential enclave and is near amenities and exhibitions spaces at Eastpoint Mall, Singapore Expo and Changi City Point. It is also near the Expo MRT interchange and Simei MRT station on the East-West Line, and Upper Changi MRT station on the Downtown Line.
Mary Sai, the executive director of investment and capital markets at Knight Frank Singapore, said: "Despite the property measures introduced in July 2017, we continue to see very strong transactional numbers for landed homes. In addition, smallish residential redevelopment sites for landed homes are rarely available, thus we expect the Upper Changi Road site to attract strong interest."
The EOI for the site will close on June 26 at 3pm.