during launch weekend Moulmein Rise: One of Novena’s last remaining landed houses up for sale for $55 mil
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A two-storey detached house situated at 26 Moulmein Rise, a prime location in District 11’s Novena area, is currently on the market for sale at a price of $55 million. The property, sitting on a freehold plot measuring 12,012 square feet, has a gross plot ratio of 2.8 and maximum permissible gross floor area of approximately 35,989 square feet, resulting in a land rate of $1,605 per square foot per plot ratio (psf ppr). This land rate includes the bonus gross floor area for balconies and land betterment charges. According to Low Choon Sin, the managing partner of SRI Capital Market who is handling the sale, the site has the potential to be redeveloped into a new private condominium with 36 units, pending approval from the authorities. He also notes that 26 Moulmein Rise is “arguably the last remaining landed house in the heart of Novena with the potential for redevelopment into a boutique condo”. Its close proximity to the integrated healthcare hub HealthCity Novena makes it an ideal location for a co-living space for intergenerational living, postnatal care, or recovery accommodation. At the same time, another detached house, located just two doors down at 32 Moulmein Rise, is also up for sale through an expression of interest (EOI) exercise. SRI is the appointed marketing agent for this property, which is situated on a freehold land area of 7,085 square feet and has a guide price of $15.5 million, or a land rate of $2,187 psf. The property has the potential to be redeveloped into a new detached house, or it could be subdivided and redeveloped into a pair of semi-detached houses, subject to approval from the authorities. Bruce Lye, founder and managing partner of SRI who is handling the sale of 32 Moulmein Rise, suggests that the new owner could occupy one of the semi-detached houses and lease out or sell the other. The public tender for 26 Moulmein Rise and the EOI exercise for 32 Moulmein Rise are both set to close on August 26.