A prime freehold residential land parcel in District 15, located at 19 and 21 Joo Chiat Road, has been launched for sale via public tender with an expected price tag of approximately $38 million. The site, which spans about 5,170 square feet, boasts a plot ratio of 2.8 and is zoned for residential use in the Urban Redevelopment Authority’s (URA) Master Plan of 2019. The development potential allows for an estimated 15 residential units based on the allowable gross floor area of about 14,466 square feet. Real estate experts have noted the site’s attractive location, which is a short drive from East Coast Park and has proximity to key amenities such as schools, shopping centers, and public transport links.
“This land acquisition presents a unique opportunity for developers to create a high-end residential project that caters to affluent homebuyers looking to settle in one of Singapore’s most sought-after neighborhoods,” said a spokesperson from the property agency handling the sale. The tender for the freehold land parcel will close on March 9, 2023, and industry analysts are closely monitoring the interest it garners, considering recent trends in the Singapore real estate market.
