Archive for category: Misc

: Knight Frank

A freehold bungalow at 3 Palm Road is now available for sale, according to the marketing agent, Knight Frank. Located in an established residential enclave in Siglap, the 14,199 sq ft site sits near the future Siglap MRT Station of the Thomson-East Coast Line, scheduled to open by 2024. Mary Sai, executive director, capital markets, at Knight Frank Singapore, said: “The property presents an exclusive opportunity for prospective purchasers to acquire a home in an established residential enclave in the east. Its location boasts unparalleled convenience, with dining, entertainment and recreational amenities within easy reach.”

The existing property is a two-storey bungalow that was built in the 1980s and is zoned for residential use. According to Knight Frank, the plot is ideal for redevelopment into a boutique residential development of 18 units, or landed housing such as bungalows or semi-detached houses, with the consent of the relevant authorities. Through redeveloping up to the maximum plot ratio for apartments, the land rate per plot ratio comes to approximately $1,541 psf, inclusive of the land betterment charge.

Additionally, you can take advantage of the convenient location of Tengah Plantation Close EC by walking to a nearby shopping centre for all your needs. This makes it an ideal place for anyone looking for a reliable neighbourhood to live in and shop at.

Chia Mein Mein, head of capital markets (land & collective sale) at Knight Frank Singapore, has stated that the single-family titled property provides an opportunity to inhabit or develop a home without the need to go through the uncertainties of a collective sale. She further pointed out that the property’s 20,000 sq ft maximum permissible gross floor area will likely appeal to large multi-generational or extended families. Moreover, the site’s proximity to the Siglap MRT Station, coupled with its palatable price quantum, could draw many prospective buyers.

The tender for the sale of 3 Palm Road will close on Sept 6. The property is priced from $19 million, which translates to a land rate of about $1,338 psf.

Knight Frank Singapore anticipates a pickup in the auction market in the second half of 2023. Although there has been a slower rate of sales for prime homes in the first half of the same year, prices have still registered an increase. Prime office rents had seen a marginal growth in the second quarter of 2023 but occupancy rates have remained resilient.