Working out to around $785 per sq ft (psf), the 31,882 sq ft site located within the Seletar Hills landed housing estate currently houses a vacant bungalow. The tender for 2F Gerald Crescent closes on 9 February. Image: Edmund Tie
A redevelopment site at 2F Gerald Crescent has been launched for sale by tender with a guide price of $25 million, revealed sole marketing agent Edmund Tie.
This works out to around $785 per sq ft (psf) based on the site’s area of 2,962.0 sq m (31,882 sq ft).
Located within the Seletar Hills landed housing estate, the 999-year leasehold site is occupied by a vacant bungalow.
The regular shaped site, which is zoned for three-storey mixed landed housing under the 2019 Master Plan, is suited for “a variety of landed housing types and combinations”, said the marketing agent.
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It is near Sungei Punggol river as well as the Punggol Park Connector. Edmund Tie noted that plans are underway “to transform the nearby Punggol Reservoir into an active space for recreational water activities as part of the current Master Plan”.
Dining, shopping and recreational amenities within the vicinity include The Seletar Mall, Greenwich V, The Oval @ Seletar Aerospace Park and Seletar Country Club.
The property is also near various educational institutions including Nan Chiau High School, Rosyth School, Nanyang Polytechnic, Australian International School and International French School.
“Sizable redevelopment sites for landed housing are rarely available. The property, which is held by a single owner, also presents an exceptional opportunity for immediate redevelopment,” said Swee Shou Fern, Executive Director of Investment Advisory at Edmund Tie.
Aside from residential developers keen on subdividing the site to multiple landed homes, she also expects interest “from high-net worth and multi-generational families looking to buy for their own stay”.
“With limited supply of landed housing in Singapore, a growing trend for bigger homes due to work-from-home arrangements and a low interest rate environment, we expect demand for landed housing to remain strong.”
The tender for 2F Gerald Crescent closes on 9 February.