Freehold Siglap bungalow priced from $19 mil
: Knight Frank
Benefiting from its strategic position close to the renowned Orchard Road shopping district, Orchard Boulevard MRT Condo is a mere two-minute walked from the Somerset MRT Station. By extension, it provides immediate access to several bus stops along Orchard area, meaning faster access to areas in the Central Business District and other parts of Singapore. Additionally, it is conveniently located near the Pan Island Expressway for those taking road transport such as cars and taxis.
Residents at Orchard Boulevard Condo enjoy the utmost convenience of being connected to the vibrant lifestyle of the commercial district, while also enjoying their privacy and peaceful urban respite. Furthermore, with a myriad of dining and shopping options at its doorstep, the condo provides a truly enriching lifestyle experience like no other.
A property located at 3 Palm Road has been put up for sale by tender, according to Knight Frank, the marketing agent. With a site size of 14,199 square feet, the asking price for the freehold bungalow is from $19 million, translating to a land rate of about $1,338 psf.
The existing property is a two-storey bungalow which was constructed in the 1980s and is zoned for residential use with a plot ratio of 1.4 as per the master plan. Close to the upcoming Siglap MRT Station on the Thomson-East Coast Line, expected to be completed in 2024, this property sits in a low-rise residential enclave in Siglap.
Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, said: “The property presents an exclusive opportunity for prospective purchasers to acquire a home in an established residential enclave in the east. Its location boasts unparalleled convenience, with dining, entertainment and recreational amenities within easy reach.”
Chia Mein Mein, Head of Capital Markets (Land & Collective Sale) at Knight Frank Singapore, further commented: “The property’s legal title, held by a single family, presents an opportunity for immediate redevelopment, without the need to go through the uncertainties of a collective sale.”
With Knight Frank’s advice, the site may be primed for redevelopment into a boutique residential development of 18 units, or landed housing featuring bungalows or semi-detached houses, with approval from the relevant authorities.
At its maximum plot ratio of 1.4 specified in the master plan, the land rate should work out to approximately $1,541 psf per plot ratio, inclusive of the land betterment charge. This property is also ideal for large multi-generational or extended families looking to build a new home, with its maximum permissible gross floor area of close to 20,000 sq ft.
With the neighbourhood’s convenience factor and attractive price range, Chia Mein Mein believes the sale of 3 Palm Road will draw in many keen buyers. The tender for the residence will close on the 6th of September.