Adjoining residential sites in Upper Serangoon put up for sale

Two adjoining freehold residential sites in Upper Serangoon have been put up for sale.

Marketing agent Colliers International says the indicative pricing for the sites at 1 Surin Avenue and 790 Upper Serangoon Road is about S$40 million.

In a statement, Tang Wei Leng, executive director of investment services at Colliers International, said: “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 square foot.

“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.”

Colliers added that cluster housing appeals to buyers who prefer larger living spaces as well as attract investors due to the higher rental yield.

The property consultancy says typically, new cluster developments could enjoy a rental yield of 4 to 5 per cent, while conventional landed housing may have a rental yield of about 3 per cent.

1 Surin Avenue is currently occupied by a two-storey detached house which is vacant, while the adjacent Upper Serangoon Road is formerly the Singapore Crocodile Farm, which has since ceased operations.

The tender will close on August 15, 2012.

Source : Channel NewsAsia – 16 Jul 2012

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