Knight Frank has launched a freehold landed residential redevelopment site at 537 Upper Changi Road for sale via expression of interest (EOI). The residential redevelopment site at 537 Upper Changi Road comes with a guide price tag of $16 million or $1,051 per sq ft.
The site at 537 Upper Changi Road comprises four freehold single-storey houses. It has a site area of 1,413.2 sq m (approx. 15,212 sq ft). Under the Master Plan 2014, the site is zoned for “Residential, 3-storey mixed-landed”. The site is regular in shape and enjoys dual frontage onto Upper Changi Road and Jalan Angin Laut respectively.
The site at 537 Upper Changi Road is nestled within an exclusive landed residential enclave and is close proximity to the Eastpoint Mall, Singapore Expo and Changi City Point. The Expo MRT Interchange, Simei MRT station (East-West Line) and Upper Changi MRT station (Downtown Line) are also located within the vicinity of the Property.
Subject to approval from the authorities, the site at 537 Upper Changi Road can be redeveloped into 8 terrace houses.
|Existing Development:||4 single-storey houses|
|Site Area:||1,413.2 sq m (approx. 15,212 sq ft)|
|Master Plan 2014:||“Residential, 3-storey mixed landed”|
“Despite the property measures introduced in July 2017, we continue to see very strong transactional numbers for landed homes,” said Mary Sai, executive director of investment and capital markets at Knight Frank Singapore.
“In addition, smallish residential redevelopment sites for landed homes are rarely available, thus we expect the Upper Changi Road site to attract strong interest.”
The EOI exercise for the site at 537 Upper Changi Road closes on 26 June.
Mr Paul Ho, chief mortgage officer at iCompareLoan commenting on the launch of the freehold redevelopment site at 537 Upper Changi Road said, Ho said that “as the sales proceeds start to come in from the en bloc sales completion from now till end 2019, landed properties will seem attractive to some buyers.” “Especially the Inter-terrace segment will hot up,” added Mr Ho.
This Mr Ho believes is because en bloc sales homeowners who are flush with cash, will resort to value hunting instead of choosing smaller condominiums which are beginning to sell at unbelievable prices.
Dr Lee Nai Jia, Senior Director and Head of Research at Knight Frank Singapore said in an op-ed in Business Times in Sep 2019 that “now is the right time to buy landed property.”
“The supply of landed homes has been limited. From Q4 2008 to Q2 2018, the total stock of landed homes rose 6.4 per cent, from 68,761 units to 73,150 units. Yet, the total stock of non-landed homes went up by about 70 per cent from 172,443 units to 293,593 units over the same period.
With a lack of a strong supply of landed homes, it appears that prices of landed homes tend to trend up more than prices of non-landed homes during an upswing in prices. The Urban Redevelopment Authority’s (URA) residential price index for landed homes rose 87.7 per cent during the upswing from Q2 2009 to Q3 2013, while prices of non-landed homes appreciated 56.2 per cent over the same period.”
An earlier research by CBRE said that the total number of transactions for landed projects in 2018 is expected to be around 300 units, with the majority of units sold outside the Core Central Region. CBRE added that freehold projects will present a better value over leasehold projects in the growing landed property market.
Joseph Tan, Executive Director at CBRE Asia Pacific, speaking at a Propertyguru seminar in May 2018 said:
“As of now, the total number of housing units offered in the market is 380,000. Landed properties only consist of 1.5 percent of the total housing stock, a small supply compared to non-landed properties which comprise 98.5 percent. Around 90 percent of landed properties are freehold while the remaining 10 percent are leasehold.
“Non-landed homes priced at $1 million to $2 million remain most favoured amongst Singaporeans. For landed homes, most investors prefer those priced at $2 million to $3 million. However, the gap between property prices for 99-year leasehold and freehold landed properties is quite narrow due to the scarcity in this category.”
Mr Ho said that given the land scarcity in Singapore, demand for landed property in Singapore will continue to rise over the long term. He pointed out that Singapore continues to be a global financial centre and a trade hub with high livability scores – all of which attracts high net worth investors to the Republic. All these factors will inevitably fuel demand for landed property in Singapore he added.
“The value buys in the property market right now are are landed inter-terrace houses which’s per square feet price on the built-up area is usually less than $1,000, but the bigger challenge for buyers of landed property is securing the best home loans. With the right loan, the buyer can save thousands, if not tens of thousands of dollars. Which is why they would have to work with established mortgage brokers who can provide them this free service.” – Paul Ho
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