Freehold redevelopment Serangoon site up for auction at an attractive $890 psf

Bidders to flock on 24 Sept.

International property consultant, Colliers International is conducting an auction for a freehold re-development site located at 13 Brighton Crescent, which is offered as an estate sale.

The auction will be conducted on 24 September 2014, 2.30 pm at The Amara Hotel.

According to Colliers, the rectangular site measures approximately 8,666 sq ft. It is currently occupied by a single-storey detached house. Under the 2014 Master Plan, the subject site is zoned for “two-storey mixed landed” use.

Ms Grace Ng, Deputy Managing Director of Colliers International, says, “The indicative price for the subject site is S$7.7 million, which works out to some S$890 per sq ft. This is a reasonably-attractive price in the current market, given the site’s re-development potential.”

The site can be sub-divided to accommodate either two bungalows of approximately 4,333 sq ft each or three terrace houses of some 2,000 sq ft to 3,000 sq ft each. Either one of these two configurations would appeal to owner occupiers seeking a huge space for multi-generational households and/or immediate relatives to live next to one another, yet still enjoy the comfort of privacy.

The freehold tenure and the sheer size of the re-development site may also appeal to developers due to the rare availability of such sites being put up for sale in Singapore.

Here’s more from Colliers:

According to Colliers International/URA’s research, islandwide property price index for landed private homes declined by less than 2 per cent on a quarterly basis since 4Q 2013. As of 2Q 2014, the median price for detached houses outside the Central Region remains above S$1,100 per sq ft.

Ms Ng adds, “A new detached house of approximately 4,300 sq ft in Serangoon can fetch approximately S$6 million or more, which will work out to some S$1,400 per sq ft. Prices of landed properties continue to hold firm – despite the recent government curbs in the residential market – because there is still an underlying interest for landed properties. It remains every Singaporean’s dream to own a landed property.”

The subject site is nestled among residential properties comprising a mixture of single-storey houses, as well as two-storey detached and semi-detached houses. It is easily accessible via Serangoon Garden Way, and is only a short drive to both Central and Seletar Expressways. The nearest MRT stations are Lorong Chuan and Serangoon.

Nearby landmarks include Chomp Chomp Food Centre, myVillage at Serangoon Gardens, Serangoon Garden Market and Serangoon Garden Country Club. Several reputable schools are located in the nearby Serangoon and Hougang suburbs.

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