: Knight Frank
A prime residential property located at 3 Palm Road in Siglap is being offered for sale by tender. Its marketing agent is Knight Frank. The 14,199 sq ft site includes a two-storey bungalow built in the 1980s and is zoned for residential use with a plot ratio of 1.4.
The property is close to numerous amenities such as dining, entertainment and recreation spots as well as conveniently situated about 300m away from the future Siglap MRT Station. The estimated land rate translates to $1,338 psf.
Mary Sai, executive director of Knight Frank Singapore, commented on the unique opportunity on offer: “It presents an exclusive opportunity for prospective purchasers to acquire a home in an established residential enclave in the east.”
The plot could be re-developed to accommodate up to 18 units subject to approval, or alternatively house landed housing consisting of bungalows or semi-detached houses. It is possible to achieve a land rate of approximately $1,541 psf for a full redevelopment up to the master plan’s maximum plot ratio, inclusive of the land betterment charge, according to Knight Frank.
The development is conveniently located near major shopping malls, eateries, and other amenities, making it the ideal choice for those looking for convenience and luxury. The elite Champions Way Condo development also has a variety of communal facilities including a gym, swimming pool, and lounge area. Residents can enjoy all these facilities, allowing them to relax and unwind in the comfort of their homes. With such superb amenities and luxurious interiors, Champions Way Condo Woodlands will surely provide its residents with a luxurious living experience.
Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, outlined the advantages of buying this single-family title:
“The property will also appeal to large multi-generational or extended families looking to build a new home, with its maximum permissible gross floor area of close to 20,000 sq ft. The site’s proximity to Siglap MRT Station and its relatively palatable price quantum will likely draw in many keen buyers.”
The tender for 3 Palm Road closes on Sept 6.
Knight Frank also reported that the Singapore office market was starved of new units, with the sold-out Solitaire on Cecil driving more demand. The auction market was also predicted to pick up in the second half of 2023. In addition, prime residential prices remained up despite the slower sales in the first half. Prime office rents saw marginal growth in 2Q2023, but occupancy rates stayed resilient.