A huge freehold residential redevelopment site at 3 East Coast Avenue has been put up for sale by tender, revealed marketing agent Knight Frank Singapore.
Located within an established landed housing estate in the East Coast area, the 45,249 sq ft site currently houses a 2-storey bungalow that was built approximately 40 years ago.
The property sits on a regular-shaped plot of two contiguous lots. Under the 2014 Master Plan, the site is zoned residential and within a 3-storey mixed landed area.
According to Knight Frank, the seller is expecting offers in excess of $52 million, or $1,149 psf on the land.
“It is extremely rare for such a large plot of freehold land zoned 3-storey mixed landed to be sold. At $52 million, this would be the largest landed property transaction in D15 since 2010 when Fort Terrace was sold for $86 million through an en-bloc sale,” said Ian Loh, Executive Director & Head, Investment and Capital Markets.
In May, the Urban Redevelopment Authority (URA) introduced a new set of envelope control guidelines to guide the redevelopment of landed houses, providing developers and homeowners more flexibility in the design of landed housing.
The East Coast Avenue site is close to the proposed Marine Terrace and Siglap MRT stations along the upcoming Thomson-East Coast Line. Parkway Parade, Siglap Shopping Centre, 112 Katong and East Coast Park are also a short drive away.
The tender for the land parcel closes on 16 September 2015.
Image: 3 East Coast Avenue. (Source: Knight Frank Singapore)
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
