A 28,676 sq ft freehold residential site at 28 Lim Tua Tow Road has been launched for sale with an indicative price of S$26 million, or a land rate of approximately S$797 psf ppr, inclusive of an estimated Development Charge (DC) of S$6 million.
Savills Singapore, which is marketing the property, said the site’s immediate neighbourhood comprises primarily of landed housing and low-rise apartments. It is situated within an established private residential enclave in District 19.
“District 19 is gaining popularity amongst home buyers (in recent years) and an attractive plot of such (a) size and configuration is a definite rare find. Developments in this area still offer affordable prices and there is a ready catchment of HDB upgraders from Hougang, Serangoon, Sengkang etc,” said Suzie Mok, Director of Investment Sales at Savills Singapore.
Based on the Master Plan 2008, the site is zoned for residential development with an ascribed plot ratio of 1.4. It can be redeveloped into a five-storey residence comprising approximately 43 apartments averaging 850 sq ft each.
The rectangular site enjoys dual frontages both onto Lim Tua Tow Road and the main Yio Chu Kang Road. The locality offers a wide range of shopping and dining amenities such as Nex, Teck Chye Food Street and the upcoming Space @ Kovan.
Savills expects keen interest from potential buyers due to the strong participation of developers in the recent Government Land Sales in District 19. The successful launch of Space @ Kovan, which is located adjacent to the site, has achieved prices of S$1,355 psf. The good take-up rate for earlier launched projects like Wembly Residences, The Stadia and Residences Botanique also reflect the desirability of the location.
“The sale of this site is expected to be carried out expediently as it is family owned unlike a collective sale which can be more complicated and protracted,” said Ms. Mok.
The tender for the site will close on 28 April 2011.