Ravi Chandran
Savills Singapore today announced the launch for sale by Expression of Interest, 22 & 24 Jalan Lateh, a mixed landed development site in the Braddell Heights residential enclave near Bidadari Estate.
The subject freehold site comprises a pair of semi-detached homes with a combined land area of approximately 11,136 sq ft (1,034 sq m). Off Sommerville Road, the near rectangular plot flanks Jalan Lateh with an approximate frontage of 23 m and a depth of 44 m.
Under the 2014 Master Plan, mixed landed development site in the Braddell Heights residential enclave is zoned for 2-storey mixed landed residential use. Subject to planning approval, the mixed landed development site in the Braddell Heights residential enclave can potentially accommodate either a pair of detached or semi-detached houses or a row of 3 terraces with development baseline estimated at an equivalent gross plot ratio of 2.072.
The site is nestled within the popular D13 Braddell Heights Estate private landed housing locale comprising mainly low density landed homes on freehold/999-year tenure.
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The mixed landed development site in the Braddell Heights residential enclave is well-served by public transport located mere minutes’ walk away – the Serangoon Interchange MRT (North East and Circle Lines) and the Serangoon Bus Interchange. The Central Expressway is also readily accessible.
In addition, the site is conveniently situated near Nex, a mega mall popular for its excellent array of retail, F&B outlets and supermarket. The upcoming Woodleigh Mall, located at the heart of Bidadari, is also situated in close proximity. Reputable schools within the 2 km radius include St Gabriel’s Primary School, Cedar Primary School, CHIJ Our Lady of Good Counsel, Paya Lebar Methodist Girls’ School (Primary), Australia International School, Stamford American International School and Lycee Francais De Singapour.
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Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale, commented, “Freehold landed plots with redevelopment potential in well-established and convenient residential neighborhoods will remain attractive due to its increasing scarcity.”
“The landed housing segment which is also unmatched in terms of exclusivity, privacy and size will remain a sought-after asset class with the professionals, mid and upper-mid income Singaporean owners. Most recently, in December 2018, Savills has successfully brokered a landed plot of similar nature at 18/20 Berwick Drive – a trustee sale”, added Suzie.
The guide price for the mixed landed development site in the Braddell Heights residential enclave is S$12.28 million.
This translates to a land rate of approximately $1,100 per sq ft on the combined site of 11,136 sq ft. Alternatively, the semi-detached houses with extensive built up areas of approximately 5,000 sq ft each, can also be sold separately on an “as is” basis.
The Expression of Interest for 22 & 24 Jalan Lateh will close at 3.00 pm on 18 February 2019.
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The mixed landed development site in the Braddell Heights residential enclave is close to the North Coast Innovation Corridor, which is one of the four regional centres – Tampines Regional Centre, Jurong Lake District, Woodlands Regional Centre, being the others.
With the rise of nearby business and industrial parks, and estates in the region which is part of the Remaking our Heartlands (ROH) programme, the the northeast region holds good potential for property investments. Furthermore, the Cross Island Line, which will cut through the northeast region, will be complete by 2030. The growth pipeline in the North Coast Innovation Corridor includes the new Singapore Institute of Technology, the future Thomson-East Coast Line and the creation of 10,000 jobs by end 2018.
Areas around Braddell Heights currently top the list of areas for property ownership due to employment opportunities and its popularity among younger Singaporeans. This will in turn boost the market value of properties and promote better rental yield and demand.
Mr Paul Ho, Chief Mortgage Consultant at iCompareLoan, said that despite the property curbs introduced by the Government last year, Singapore is still an attractive residential market for investors.
Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder with other cities in the world like London, New York, Shanghai and Sydney.
“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.
The mixed landed development site in the Braddell Heights residential enclave will be especially attractive to investors because of its freehold tenure with redevelopment potential, which is becoming increasingly scarce.
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