2012-07-16

International property consultant, Colliers International is launching for sale, by tender, two adjoining freehold residential sites in Upper Serangoon – specifically at 1 Surin Avenue and 790 Upper Serangoon Road.

International property consultant, Colliers International is launching for sale, by tender, two adjoining freehold residential sites in Upper Serangoon – specifically at 1 Surin Avenue and 790 Upper Serangoon Road.

The tender will close on 15 August 2012.

The 20,228 sq ft site at 1 Surin Avenue is currently occupied by a two-storey detached house which is vacant, while the adjacent 22,618 sq ft site at 790 Upper Serangoon Road is formerly the Singapore Crocodile Farm, which has since ceased operations.

Under the 2008 Master Plan, the sites are zoned for “mixed-landed housing” use.

Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services at Colliers International, says, “Indicative pricing is in the region of S$40 million. Including a development charge of S$6.1 million, the price works out to be some S$934 per sq ft. With a total land area of 42,846 sq ft, the site can be re-developed to accommodate some 26 units of cluster terrace house, with areas ranging from 3,500 sq ft to 5,000 sq ft each.

Cluster housing appeals to buyers who enjoy communal facilities such as swimming pool, gym and/or playgrounds, but prefer larger living spaces than a typical condominium unit. Such property type also attracts investors due to the higher rental yield it can command, as compared to similar-sized landed properties. Typically, new cluster developments could enjoy a rental yield of 4-5 per cent, while conventional landed housing may have about 3 per cent.

In fact, the popularity of such property type is demonstrated by the successful sale of the nearby Surin Villas @ Kovan, Thomson Grand at Upper Thomson Road and The Seawind at Telok Kurau, among others.”

The immediate locality is mainly made up of low-rise residential developments. Amenities could be easily found in the nearby Heartland Mall and nex shopping mall. Educational institutions in the vicinity include Paya Lebar Methodist Girls’ School and Serangoon Junior College. The locality has good accessibility to the rest of the island via Central Expressway, as well as Serangoon and Kovan MRT stations.