A residential development site located at the prime location of Jalan Naung is now up for sale through an expression of interest (EOI) with an asking price of $8.38 million. The land, with a 999-year leasehold and a total area of 5,408 sq ft, is zoned for residential use under the URA Master Plan 2019.
Situated in District 19, the land parcel is within a three-storey mixed-landed area and is strategically located off Upper Serangoon Road. With an asking price of $1,550 psf on the land area, potential buyers can expect significant returns from their investment.
According to Brilliance Capital, the sole marketing agent for the land, the site has the potential to be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development. This, however, is subject to approvals from the relevant authorities.
In terms of location, the site is highly desirable as it is within walking distance of Hougang MRT Station and Hougang Central Bus Interchange. For those who enjoy a vibrant lifestyle, popular shopping destinations such as NEX, Hougang Mall and Heartland Mall are also within a 10-minute drive from the site.
Families with young children will appreciate the convenience of having schools within a 1km radius of the site. These include CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School and Punggol Primary School.
The vacant plot of land is owned by a single seller, which according to Brilliance Capital, will simplify the acquisition process and ensure a smooth transaction for potential buyers. Sammi Lim, the founder and executive director of Brilliance Capital, expects strong interest from developers, boutique firms, aspiring developers, and end-users looking to build their dream home.
Lim adds that it is rare for such a plot to be made available for sale in the market, particularly one that offers various development options to cater to different needs and preferences, including multi-generation development.
Prospective buyers who are interested in this prime residential development site can place their bids through the EOI exercise, which will close on March 6 at 3pm.