Expressions of interest (EOI) are currently being accepted for the sale of a desirable residential development site at Jalan Naung. The property, listed at $8.38 million, boasts a prime location and potential for various development options.
This 999-year leasehold land parcel, spanning 5,408 sq ft, is located in District 19 and falls under the residential use category in the Urban Redevelopment Authority (URA) Master Plan 2019. The strategic location off Upper Serangoon Road, within a three-storey mixed-landed area, makes it an attractive investment opportunity.
Brilliance Capital, the sole marketing agent for the land, reports that the property can potentially be developed into a detached house, a pair of semi-detached houses, or a strata mixed-landed development, subject to relevant authorities’ approval. The asking price of $1,550 psf on the land area is considered competitive in the current market.
The site’s enviable location adds to its appeal, as it is a short walking distance from the Hougang MRT Station and the Hougang Central Bus Interchange. Popular lifestyle hubs such as NEX, Hougang Mall, and Heartland Mall are also within a convenient 10-minute drive.
Families with children will appreciate the proximity to reputable 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 privately owned by a single seller, making the acquisition process smooth and hassle-free for potential buyers. Lim expects strong interest from a diverse range of developers, including boutique firms, larger setups, and aspiring developers, as well as end-users looking to build their dream home.
This rare opportunity in the market, which offers various development options to cater to different needs and preferences, including multi-generation living, is expected to generate significant interest. The EOI exercise for the land parcel is set to close on March 6th at 3 pm. Interested parties are encouraged to submit their bids before the deadline.