The sprawling 31,882 sq ft site (pictured) could be redeveloped to accommodate 11 landed homes. (Photo: Savills Singapore)
2F Gerald Crescent, a sprawling single-storey bungalow in Seletar Hills that has been the subject of much controversy, has been put up for sale by tender, with an asking price of about $35.07 million. This works out to around $1,100 psf on the land.
Nestled on a 31,882 sq ft site, the house was previously owned by an elderly widow who was duped by ex-China tour guide Yang Yin. With the help of the widow’s niece, Yang was convicted of criminal breach of trust and sentenced to an extended jail term of nine years, reported the Straits Times.
Marketing agent Savills Singapore noted that the site, which was zoned for three-storey mixed landed residential use under the 2014 Master Plan, can potentially “accommodate 11 landed homes comprising two detached houses, a pair of semi-detached and seven terraces”.
“A substantial 999-year/freehold landed residential pocket such as 2F Gerald Crescent is a scarce find in the Seletar area given that 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,” said Savills Singapore investment sales senior director Suzie Mok.
She expects the site to attract the interest of a diverse group of buyers considering its 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,” she noted.
The tender for 2F Gerald Crescent will close on 22 March.