A freehold residential development site at Lim Tua Tow Road has been put up for sale by global property services group Jones Lang LaSalle, which is the sole marketing agent for the property.
The 43,335 sq ft Glenville site is zoned for residential use and can yield a maximum permissible gross floor area of 60,670 sq ft, which is subject to the approval and payment of development charge of around $5.3 million. It has a gross plot ratio of 1.4 and can be up to 5-storeys. The project can potentially yield up to 57 units with an average size of 1,000 sq ft each.
Located at 11 and 13 Lim Tua Tow Road, Glenville currently houses a 4-storey, 32-unit residential block that is close to the upcoming NEX Mega Mall, Serangoon MRT Station, Serangoon Stadium, Kovan MRT Station and Kovan Heartland Mall.
Ms. Stella Hoh, national director and head of investments at Jones Lang LaSalle, said that “the recent property measures announced by the Government essentially drives to maintain a stable and sustainable property market and make home ownership affordable and within reach for genuine homebuyers. While these measures may taper off the sentiment of short-term property investors, demand from genuine homebuyers would remain healthy. We still expect the site to draw strong interest due to its locality, proximity to amenities and strong take up rates in the vicinity.”
She added that “the site also provides a rare opportunity of freehold residential sites in the vicinity and provides good value to developers.”
The indicative price for the site is between $38 million and $40 million, or around $715 psf ppr to $745 psf ppr, subject to the tender process.
The tender closes on October 5.