Leading global commercial real estate services firm, Colliers International Group Inc.’s (NASDAQ: CIGI; TSX: CIG) upcoming auction in Singapore will feature a freehold re-development residential site located at 25 Branksome Road.
The auction is slated for 30 September 2015, 2.30pm, at the Amara Hotel.
Situated between Tanjong Katong Road and Crescent Road, the subject property has a land area of approximately 13,844 sq ft, and is currently occupied by a single-storey detached house. Under the Master Plan 2014, it is zoned for “Residential” use and within “two-storey semi-detached landed housing vicinity”.
Ms Grace Ng (黄黎明), Deputy Managing Director at Colliers International, says, “A landed housing site of this size – and one with re-development potential – in District 15 is rarely made available for sale. Transactions of similar large sites were last recorded two years ago – a 13,632 sq ft site at Seraya Lane that was sold for S$17 million (S$1,247 per sq ft) and a 12,525 sq ft site at Goodman Road that changed hands at S$16.38 million (S$1,308 per sq ft).”
Nonetheless, as of 2Q 2015, the median price of detached houses in District 15 stood at some S$1,246 per sq ft of land area.
According to Colliers International, the indicative price for 25 Branksome Road is in the region of S$15 to $17 million, which works out to S$1,083 per sq ft to S$1,227 per sq ft.
Ms Ng adds, “We expect keen interest from owner occupiers and developers – given that it is a flat site, which has a regular shape and a wide frontage of approximately 28 m. In particular, the site has potential for sub-division to accommodate either two detached houses or 1 detached house and a pair of semi-detached houses.”
While the subject property is located in a serene landed housing enclave with a sought-after address, it is in a neighbourhood that is bustling with activities.
Amenities can be easily found in the various shopping malls nearby – such as Katong Shopping Centre, Parkway Parade, Katong Plaza, 112 Katong and the upcoming The Flow @ East Coast. The Joo Chiat and Katong precincts are also well-known for famous eateries, as well as having low-rise buildings which reflect beautiful designs of Peranakan heritage.
Meanwhile, Paya Lebar Central is slated to transform into a vibrant business and entertainment hub. Reputable education institutions in the vicinity include Tao Nan School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, Chung Cheng High School and Haig Girls’ School. Access to other parts of the island is via East Coast Parkway, Dakota MRT station, as well as the future Amber and Marine Parade MRT Stations.