A prime residential development site located at Jalan Naung is now up for sale through an expression of interest (EOI) with an asking price of $8.38 million. The land, which has a 999-year leasehold and spans 5,408 sq ft, falls under the residential zoning in the URA Master Plan 2019 and is situated within a three-storey mixed-landed area in District 19. This works out to be around $1,550 psf based on the land area.
The sole marketing agent for the land, Brilliance Capital, states that potential buyers can explore various development options for the site, including a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to the necessary approvals from the relevant authorities.
The site boasts a prime location, within walking distance to Hougang MRT Station and Hougang Central Bus Interchange. In addition, it is also within close proximity to popular lifestyle hubs such as NEX, Hougang Mall and Heartland Mall, all within a 10-minute drive.
Families with school-going children will also appreciate the convenience of having numerous schools within a 1km radius of the site, including CHIJ Our Lady of the Nativity, Holy Innocents’ Primary School, Montfort Junior School and Punggol Primary School.
According to Sammi Lim, the founder and executive director of Brilliance Capital, the vacant plot of land is owned by a single seller, which will streamline the acquisition process and ensure a hassle-free transaction for potential buyers. She anticipates strong interest from a diverse range of developers, ranging from boutique firms to larger setups, aspiring developers, and end-users looking to build their dream home.
Lim also highlights the rarity of such a plot of land being made available for sale in the market, especially one that offers various options and permutations for development, catering to different needs and preferences, including multi-generation development.
The EOI exercise for this prime land parcel will close on March 6 at 3pm. Interested buyers are encouraged to submit their bids before then to secure this valuable opportunity.