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RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Savills tenders 2F Gerald Crescent for over $35m

It can accommodate 11 landed houses comprising two detached houses, a pair of semi-detached and seven terraces.

Savills Singapore launched the tender of 2F Gerald Crescent. The vendor is expecting a price exceeding $1,100 psf on land, translating to a price over $35m.

Occupying a sprawling land of approximately 31,882 sqft, the old single-storey bungalow has a 45m frontage along Gerald Crescent. The site is zoned for three-storey mixed landed residential use. It can accommodate 11 landed houses comprising two detached houses, a pair of semi-detached and seven terraces.

The site is nestled within the established landed neighbourhood in Seletar Hills in District 28. The immediate surroundings consist predominantly low density landed homes of bungalows, semi-detached and terrace houses on freehold or 999-year tenure. Some latest additions of landed and strata-titled homes include Luxus Hills, Este Villa and Belgravia Villas. It is well-served by public transport plying Yio Chu Kang Road and enjoys good connectivity via the Seletar and Central Expressways.

Savills Singapore Investment Sales senior director Suzie Mok noted that a substantial 999-year/freehold landed residential pocket such as 2F Gerald Crescent is a scarce find in the Seletar area. “Such plots are tightly held and seldom made available for sale. It is also a rare opportunity to secure a decent size plot under single ownership for immediate redevelopment”.

She added, “The site is expected to draw interest from a diverse group of buyers given the multiple redevelopment options. It will appeal to developers for potential subdivision into landed conventional housing schemes, Singaporean families for own stay/multi-generational living and wealth preservation for future generations, investors/high network buyers for landbanking and capital appreciation not excluding the likes of philanthropists”.

The tender for 2F Gerald Crescent will close at 2:30 p.m. on 22 March 2018.

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