Freehold Siglap bungalows start at $19 million

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Tembusu Grand condo floor plan

A freehold home situated at 3 Palm Road has been listed for sale through tender per Knight Frank, the marketing agent. The property is located on a 14,199 square foot site and is priced at $19 million. This is equivalent to a land value of $1,338 per sq ft.

The current property includes a two-storey house that was constructed around the year 1980. The property is designated for residential purposes and has an area ratio of 1.4 in the masterplan. The site is located within an enclave of low-rise homes located in Siglap. It is located about 300m from the planned Siglap MRT Station on the Thomson-East Coast Line, set to be completed in 2024.

Tembusu Grand condo floor plan is expected to house 640 exquisite residential units, a midsized project for the giant property company CDL.

“The property presents an exclusive chance for potential buyers to buy a house in a prestigious residential area in the east. The location is a true convenience and offers eating, entertainment and leisure amenities easily accessible,” says Mary Sai executive director of capital markets of Knight Frank Singapore.

As per Knight Frank, this plot is ready for redevelopment as the development of a boutique residential community comprising 18 units of landed housing that includes bungalows and semi-detached homes subject to the approvals.

If a redevelopment is proposed that is up to the maximum ratio of plots for apartment buildings, the land cost amounts to about $1,541 per square foot for plot ratio, including the land betterment fee Knight Frank says. Knight Frank.

“The legal title to the property, that is held solely by one family offers the possibility of immediate development, without having to deal with the uncertainty that a group sale brings” states Chia Mein Mein director for capital markets (land and collective sale) for Knight Frank Singapore.

She also states: “The property will also attract large multi-generational families or extended families seeking to build a new house that has a maximum gross floor space that is close to 220,000 square feet.” The property’s closeness the Siglap MRT Station and palatable prices will surely attract a lot of buyers, she claims.

The auction on the purchase of the 3rd Palm Road will close on September 6.