A prime residential development site located at Jalan Naung has been recently listed for sale through an expression of interest (EOI) at a price of $8.38 million.
The site, which enjoys a 999-year leasehold and spans a total area of 5,408 square feet, is zoned for residential use within a three-storey mixed-landed area under the Urban Redevelopment Authority’s (URA) Master Plan 2019. This translates to a price of $1,550 per square foot (psf) on the land area.
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Brilliance Capital, the sole marketing agent for the land, has stated that the site has potential for various types of developments, including detached houses, semi-detached houses, and a strata mixed-landed development, subject to obtaining necessary approvals from the relevant authorities.
The location of the land is also highly desirable, being within walking distance to Hougang MRT Station and Hougang Central Bus Interchange. In addition, popular lifestyle destinations such as NEX, Hougang Mall and Heartland Mall are just a short 10-minute drive away.
Families with young children will also appreciate the proximity to renowned schools, with CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School, and Punggol Primary School all within a 1km radius.
According to Brilliance Capital’s founder and executive director, Sammi Lim, the land is owned by a single seller, which streamlines the acquisition process and ensures a smooth transaction for potential buyers.
“We anticipate strong interest from developers, ranging from boutique firms to larger establishments, as well as aspiring developers and end-users who are looking to build their dream home,” says Lim. “It is indeed a rare opportunity for such a prime plot of land to be available for sale, especially one that offers such a variety of options for development to cater to different needs and preferences, including multi-generational living.”
Interested parties can submit their offers for the land parcel through the EOI exercise, which will close on March 6 at 3pm.