Freehold bungalow site at Pasir Panjang Hill on sale for $14 mil
An old pre-war bungalow sitting on a land plot measuring 13,743 sq ft at Pasir Panjang Hill has been put up for sale for an indicative price of $ 14 million. According to Bruce Lye, managing partner of SRI, the land has high redevelopment potential, especially since Pasir Panjang will form the southwestern corridor of the Greater Southern Waterfront, which stretches 30km along the southern coastline and spans over six times the size of Marina Bay.
The plot is zoned residential with a plot ratio of 1.4 under URA’s Master Plan 2019. The land can either be redeveloped into an apartment block with a maximum of five storeys, or six terrace houses. Otherwise, it can also be torn down and redeveloped into a three-and-a-half storey detached house. The flexibility for redevelopment is a big plus for property investors, says Lye. He also adds that land for terrace house development in that area, is quite rare.
Lye says that the house has a “nice elevation” as it is near the foot of Pasir Panjang Hill and enjoys a wide frontage. “Based on our observation, the future occupiers of the house are likely to enjoy a good view towards Pasir Panjang and the Greater Southern Waterfront,” he says.
The development of the Greater Southern Waterfront will take place progressively within the next five to 10 years, starting from Pasir Panjang Power District, Keppel Club and Mount Faber. As the shipping ports in Pasir Panjang and Tanjong Pagar are going to be relocated to Tuas Port, these will be replaced by new residential and commercial properties. There are also plans to build attractions on Pulau Brani, such as theme parks.
The property is a five- minute drive to business parks along Science Park Road and Science Park Drive, and within a 10- minute drive to the offices at Fusionopolis, Metropolis and Biopolis at one- north and Buona
Vista. Mapletree Business City is 2km away. Additionally, the National University Singapore is within a seven- minute drive. Lye says that the proximity to Grade A offices and the university will ensure a “strong tenant pool” for the property.
The nearest MRT is Haw Par Villa MRT Station on the Circle Line, which is a nine-minute walk away. There is also a bus stop along Pasir Panjang Road within 100m. Nearby green spaces include Kent Ridge Park, Hort Park and Telok Blangah Hill Park.
There are a number of private developments in the neighbourhood. The surrounding ones being The Maylea, Crystal Heights and D’Hillside Loft. The most recent transaction at Pasir Panjang Hill was a 1,281 sq ft apartment at Le Hill Condominium, which transacted for $1.45 million or $1,132 psf in April. At nearby freehold condominium The Maylea, along Pasir Panjang Road, the most recent transaction was a 969 sq ft apartment. It transacted for close to $1.34 million or $1,381 psf in March.
Since its launch on June 26, the property has received five viewings over the weekend. Lye says that SRI is hoping to reach out to developers, private investors and family offices seeking to own a residential asset. He believes that its pricing is very attractive for a city-fringe freehold property, and the quantum of $14 million is also “bite-sized” for institutional investors. The expression of interest exercise will close on July 9 at 2pm. E