A freehold residential site in Pasir Panjang with an indicative price of S$38 million.

International property consultant, Colliers International is launching for sale by tender – Harbour View Gardens, a three-storey residential development located at 211/A to 223/A Pasir Panjang Road.

The tender will close on 16 May 2012, at 12.00 pm.

Sitting on a freehold site measuring approximately 30,745 sq ft, Harbour View Gardens comprises a total of 14 units. There are seven maisonettes with an average floor area of 2,411 sq ft each and seven walk-up apartments with an average floor area of 1,195 sq ft each.

Under the 2008 Master Plan, the subject site is zoned for “Residential” use, with a gross plot ratio of 1.4.

Indicative price for the subject site is between S$36 million and S$38 million, which works out to be between S$836 and S$883 per sq ft per plot ratio.

Upon success of the collective sale, each owner could receive between S$1.6 million and S$3.6 million.

Ms Tang Wei Leng (邓慧玲), Executive Director for Investment Services at Colliers International, says, “Pasir Panjang has always been a popular residential suburb, which enjoys proximity to the Central Business District, VivoCity and Resorts World Sentosa. The area is now undergoing some rejuvenation works, and connectivity to the rest of the island has recently been boosted by the newly-completed Haw Par Villa and Pasir Panjang MRT stations – both of which are within walking distance from Harbour View Gardens.

Given these locational attributes, we are optimistic that this freehold site will appeal to developers. Subject to relevant authorities’ approval, the successful buyer could re-develop the site to accommodate a five-storey residential development comprising some 50 units of 775 sq ft each.”

Ms Tang continues, “This will be a boutique development that offers developers a quick turnaround and an opportunity to tap into the growing demand for new apartments in the western part of Singapore.”

Located directly opposite Pasir Panjang Village, the subject site is also within walking distance to the 24-hour Pasir Panjang Food Centre and the upcoming mixed-development, Viva Vista (the former Village Centre) that is due to complete in Year 2015. It is readily connected to the rest of the island via the West Coast Highway, Ayer Rajah Expressway and a newly-completed flyover.