A freehold home situated on Fernhill Close in District 10’s prime area is available to sell for over $22 million, according to the agent for marketing Knight Frank. The two-story house is situated on a 7,386 square foot lot. The minimum price for the property is $2,978 per square foot.
Hillock Green Forsea Residence, Soilbuild & UED Alpha consortium were awarded this site at Lentor Central, Hillock Green. Their winning bid totalled to $481,028,300.
It is situated in a mixed-landed estate of three stories close to it is the Nassim Road Good Class Bungalow (GCB) area. The bungalow was constructed in the late 1990s and is located at the end of a cul-de -sac, with a frontage of 40m in Fernhill Close.
In the words of Knight Frank, the sale is an opportunity for buyers to invest in redeveloping the site. The exclusivity of the area is enhanced by its proximity to Nassim Road GCB area and other homes on land in Fernhill. Fernhill estate.
The property could be transformed into a new, luxury three-storey house or niche semi-detached houses subject to approval by the appropriate authorities. It is also a great option for huge families with multiple generations seeking to build a new house, according to Chia Mein Mein. the head for capital markets (land and cumulative sale) for Knight Frank Singapore.
Based on URA restrictions In accordance with URA caveats, a record-setting land value was just achieved in the area with three GCBs located at 42, 42A as well as 42B Nassim Road were sold at a price of $4,500 per square foot in April of this year. Cuscaden Peak Investments sold the three properties for $206.7 million.
“With buyers still steadfast in their desire to purchase this rare housing type in high-rise Singapore there was a amount worth of S$1.4 billion of land homes was sold during the 1Q2023 period that is the 28% increase over the prior period,” says Chia.
She also says that the buying mood in the land market is expected to remain strong, aided by an increasing wealth among Singaporeans and new high-net-worth customers. “We expect a lot of interest from investors, homebuyers and developers due to the position of the property as well as its sought-after address, as well as the dearth of homes with lands available to purchase in this area.”
The auction for the sale of this house will end on the 25th of July.