Redevelopment site for landed housing in Seletar up for sale with S$25m guide price

A REDEVELOPMENT site nestled within the Seletar Hills landed housing estate is up for sale by tender, with a guide price of S$25 million, or about S$785 per square foot on the site area, marketing agent Edmund Tie said on Thursday.

Back in 2018, The Straits Times reported that the bungalow at 2F Gerald Crescent was the one that former China tour guide Yang Yin nearly swindled from a Singaporean widow, Chung Khin Chun.

Two bids were received for the property, but neither matched the minimum price of S$35 million then; estate agency Savills Singapore had placed it up for sale on Feb 22, 2018 by tender, or closed auction.

The house, which has a 999-year leasehold, occupies a site area of 2,962 square metres, or about 31,882 square feet.

Under the Urban Redevelopment Authority's Master Plan 2019, the regular-shaped site is zoned for three-storey mixed landed housing and is suited for a variety of landed housing types and combinations, Edmund Tie said.

The property is near Sungei Punggol river and the Punggol Park Connector. Plans are underway to transform the nearby Punggol Reservoir into an active space for recreational water activities as part of the current Master Plan, the marketing agent noted.

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Shopping, dining and recreational amenities in the vicinity include Greenwich V, The Seletar Mall, The Oval @ Seletar Aerospace Park and Seletar Country Club.

In addition, educational institutions nearby include Rosyth School, Nan Chiau High School, Nanyang Polytechnic, International French School and Australian International School.

Swee Shou Fern, executive director of investment advisory at Edmund Tie, noted that "sizeable redevelopment sites for landed housing are rarely available", and that the property, which is held by a single owner, presents an opportunity for immediate redevelopment.

Besides residential developers who might be keen to subdivide the site into multiple landed homes, Edmund Tie also expects interest from high-net-worth and multi-generational families looking to buy for their own stay.

"With limited supply of landed housing in Singapore, a growing trend for bigger homes due to work-from-home arrangements and a low interest rate environment, we expect demand for landed housing to remain strong," Ms Swee added.

The tender will close at 3pm on Feb 9.