PropNex Realty has announced the launch of the collective sale tender for the prime freehold property located at 98-98E Upper East Coast Road with a guide price of $14.128 million.
The property has recently secured the requisite 80% majority consent from owners for the collective sale, says PropNex in a June 3 announcement.
The guide price translates to approximately $1,068 psf per plot ratio (psf ppr), based on the potential gross floor area (GFA), inclusive of bonus balcony area, for apartment redevelopment.
For landed housing redevelopment, the land rate works out to approximately $1,600 psf. No land betterment charge is payable for the site due to its high development baseline, says PropNex.
The land area of 820.3 sqm is zoned for residential use with a plot ratio of 1.4 under the Urban Redevelopment Authority’s 2025 Master Plan.
Subject to approval from the relevant authorities, the property may be transformed into a five-storey apartment development of 11 dwelling units. Alternatively, developers may seek approval for a pair of semi-detached and a detached house to be redeveloped on the site, says PropNex.
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The approximately 38m frontage makes it easy to build these landed homes or apartments, adds the agency.
Strategically located in the vibrant Siglap enclave, the property enjoys excellent accessibility, lifestyle convenience, and strong redevelopment potential. It is within walking distance to Siglap MRT Station on the Thomson-East Coast Line, offering enhanced connectivity to the Central Business District and across Singapore.
The property also enjoys seamless access via the East Coast Parkway to Changi Airport, the CBD and other parts of Singapore.
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The location is ideal for families, with renowned schools such as Victoria Junior College, Temasek Primary School and Victoria School nearby.
residents can enjoy the vibrant East Coast lifestyle with a wide range of dining, retail, and entertainment options at Siglap Centre, Siglap V Mall and Parkway Parade.
Tracy Goh, associate group district director and head of capital markets at PropNex, says: “We anticipate healthy interest in the property from both landed housing and apartment developers, given its freehold tenure and prime Upper East Coast location. Despite ongoing geopolitical uncertainties in the Middle East, Singapore’s property market has remained resilient and we expect demand for quality freehold assets to stay firm.”
The tender will close at 3pm on June 30.
