An outdated fashioned bungalow sitting on a land plot measuring 13,743 sq feet at Pasir Panjang Hill was set up for sale to get an indicative cost of $14 million.
Based on Bruce Lye, managing partner of SRI, the property has large redevelopment potential, particularly because Pasir Panjang will shape the southwestern corridor of the Greater Southern Waterfront, which extends 30km across the southern shore and crosses more than six times the magnitude of Marina Bay.
The property can be redeveloped to a flat block with no more than five storeys, or six patio homes. Otherwise, it may also be cut and redeveloped to a three-and-a-half storey detached home. The flexibility for redevelopment is a large plus for property investors,” states Lye. In addition, he adds that property for patio home development in that region, is rather rare.
Lye claims that the home has a”nice elevation” because it’s close to the foot of Pasir Panjang Hill and enjoys a broad frontage. “According to our observation, the future occupiers of the home are very likely to relish a fantastic opinion towards Pasir Panjang along with the Greater Southern Waterfront,” he states.
The Growth of the Greater Southern Waterfront will occur progressively over the next five to 10 Decades, beginning from Pasir Panjang Power District, Keppel Club and Mount Faber. Since the delivery ports in Pasir Panjang and Tanjong Pagar are likely to be moved to Tuas Port, these can be substituted with new residential and industrial properties. Additionally, there are plans to create attractions on Pulau Brani, such as parks.
The home is a five-minute driveway to parks across Science Park Road and Science Park Drive, also inside a 10-minute drive into the offices in Fusionopolis, Metropolis and Biopolis in one-north and Buona Vista. Moreover, the National University Singapore is inside a seven-minute drive. Lye claims that the closeness to Grade A offices and the college will guarantee a”solid tenant pool” to your home.
The closest MRT is Haw Par Villa MRT Station on the Circle Line, and it will be a nine-minute walk off. There’s also a bus stop along Pasir Panjang Road in 100m.
There are quite a few personal improvements in the area, the encompassing ones being The Maylea, Crystal Heights and D’Hillside Loft. The latest trade at Pasir Panjang Hill has been a 1,281 sq feet apartment in Le Hill Condominium, that transacted for about $ 1.45 million or $1,132 psf at April. At nearby freehold condo The Maylea, along Pasir Panjang Road, the latest trade was a 969 sq ft flat.
Since its launch in June 26, the land has obtained five viewings over the weekend. Lye claims that SRI is expecting to reach out to developers, private investors and family offices trying to have a residential advantage. He considers that its pricing is quite appealing to get a city-fringe freehold land, and also the quantum of 14 million can be”bite-sized” for institutional investors.