19 December 2023, SINGAPORE – PropNex Realty, Singapore’s largest real estate agency has today announced that a freehold detached house in Melrose Drive in Serangoon will be put up for sale via tender for a guide price of $16.8 million on 20 December 2023. The indicative sale price works out to $1,185 psf based on a land area of 14,175 sq ft (approx. 1,317 sq m).
Under the URA Master Plan 2019, the site is zoned for two-storey bungalows and residential use. Owing to its sizable land area, the District 13 site presents good redevelopment potential and can be rebuilt into two detached homes, subject to approvals. The site has a wide 40-metre frontage to Melrose Drive within the exclusive landed housing enclave.
Tracy Goh, Head of Capital Markets at PropNex, said, “This bungalow site offers a good opportunity for developers or families who are looking to rebuild the plot into a single, large detached house, or two houses to cater to multi-generational living, particularly among the bigger households. As the land area is less than 1,400 sq m, Singapore permanent residents with approval from the Land Dealings Approval Unit (LDAU) to acquire restricted residential property are eligible to purchase the said Melrose Drive property. The potential buyer will benefit as they have to pay little to no Land Betterment Charge as this site has a high development baseline. In addition, we believe the site is priced-to-sell when compared against the transacted values of landed properties that have been traded in the area this year.”
In March 2023, a freehold detached house in nearby Clifton Vale was sold for $1,210 psf based on its land area of 15,701 sq ft. Meanwhile, in May 2023, another freehold detached house also in Clifton Vale fetched a price of $1,451 psf on land area of 13,572 sq ft.
The Melrose Drive property is conveniently located near many schools, making it suitable for families with young children. The Primary schools that are within 1-km from the property are CHIJ Our Lady of Good Counsel, Kuo Chuan Presbyterian Primary, St. Gabriel’s Primary, and Yangzheng Primary. Other schools nearby (between 1 and 2km) include Cedar Primary, First Toa Payoh Primary, Maris Stella High School, Pei Chun Public School, St. Andrew’s Junior School, Townsville Primary, and Zhonghua Primary.
Meanwhile, the Lorong Chuan MRT station on the Circle Line is about 1.2 km from the site. The property is also easily accessible via the Central Expressway (CTE) which connects to the northern and southern parts of Singapore, as well as with the Pan Island Expressway (PIE) to the East and West of the island. The site is about a 15-minute drive to Orchard Road and less than 20 minutes’ drive from the central business district via the CTE.
The tender will close on 16 January 2024 at 2pm. Interested parties may contact the PropNex Capital Markets team for more details.
Images of the property at Melrose Drive | Source: PropNex