A 13,523 sq ft freehold site at 2 and 4 Jalan Ulu Siglap, currently used as a nursing home, is up for sale at a guide price of $28 million.
Based on the planning parameters, the site is zoned for residential use and has a baseline gross floor area (GFA) of 18,713 sq ft, translating to a plot ratio of 1.38. Subject to relevant authorities’ approval, incoming purchasers may explore redevelopment into a non-landed residential development or landed housing scheme, says exclusive marketing agent CBRE.
Strategically located near the junction of East Coast Road and Jalan Ulu Siglap, the site enjoys a prominent frontage of approximately 26m and a depth of approximately 48m, providing a regular configuration well-suited for efficient redevelopment, says CBRE on June 16.
For non-landed residential redevelopment, the guide price reflects an indicative land rate of approximately $1,462 psf per plot ratio (psf ppr), inclusive of the land betterment charge payable for the additional 7% bonus GFA for balconies.
For landed housing development, the price translates to approximately $2,070 psf on the land area.
Located within the highly sought-after East Coast and Siglap enclave, the property is surrounded by an established landed housing neighbourhood and is within close proximity to a wide range of lifestyle amenities along East Coast Road, as well as recreational offerings at East Coast Park.
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The site is located a 10-minute walk from Siglap MRT Station on the Thomson-East Coast Line, and a five-minute drive from Bedok and Bayshore MRT Stations.
The precinct is well-served by a range of amenities, including the vibrant F&B and retail offerings along Upper East Coast Road, as well as established malls such as Siglap V, Siglap Centre, Bedok Mall and Parkway Parade, all within a 10-minute drive.
The vicinity is also supported by a strong network of reputable educational institutions, including St. Stephen’s School, Victoria Junior College and CHIJ Katong Convent.
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Michael Tay, deputy managing director and head of capital markets, Singapore at CBRE, says freehold land parcels of this nature within the Siglap precinct are “highly sought-after and rarely available”. “Given the scarcity of such opportunities, the site presents an attractive proposition for developers, homeowners and investors seeking a strategic entry into a mature and affluent residential enclave underpinned by strong fundamentals.”
Joshua Giam, director of capital markets, Singapore at CBRE, says the firm has observed “strong demand” for freehold development options among family offices and high-net-worth individuals. “Subject to relevant authorities’ approval, incoming buyers may also explore alternative redevelopment options, such as Service Apartment (Type 2) for long-term rental income and potential capital appreciation.”
The expression of interest exercise will close at 3pm on July 15.
