Savills Singapore announced on OCctober 17 the launch for sale by tender, 18/20 Berwick Drive, a mixed landed residential development site in Serangoon Gardens.
The mixed landed residential development site occupies a combined land area of approximately 10,602 sq ft (985 sq m).
The single-storey detached house straddles 2 adjoining lots along Berwick Drive with a frontage of approximately 33 m and a depth of 30 m. Under the 2014 Master Plan, the site is zoned for 2-storey mixed landed residential use. Subject to planning approval, the site can potentially accommodate either a pair of detached houses, 2 pairs of semi-detached houses or a combination of both housing types.
The mixed landed residential development site, with an auspicious house number of 18, is nestled within the popular D19 Serangoon Gardens private landed housing enclave. Comprising predominantly low density landed homes on freehold/999-year tenure, it is well-served by public transport being located in close proximity to the Lorong Chuan MRT on the Circle Line and the Serangoon Bus Interchange. The Central Expressway is also readily accessible.
Serangoon Gardens, a self-sufficient estate, is popularly known for its excellent array of banking facilities and foodie haunts to provide residents with convenience and choice. myVillage, a boutique mall, and Chomp Chomp Food Centre are located at the heart of Serangoon Gardens neighbourhood. It is also near the reputable Rosyth School, CHIJ Our Lady of Good Counsel, Nanyang Junior College, Lycee Francais De Singapour and Australia International School.
Suzie Mok, senior director of Investment Sales at Savills Singapore who is handling the sale of the mixed landed residential development site, commented, “Supply of landed plots in well-established residential neighborhoods is becoming increasingly rare. Coupled with limited supply of landed conventional housing in the pipeline, 18/20 Berwick Drive (held under single ownership), will appeal to developers who are acquiring sites for immediate redevelopment. The site may also be attractive to multi-generational families who favor this location for its quaint surroundings as well as the abundance of amenities.”
The vendor of the mixed landed residential development site is expecting a price of S$11.5 million which translates to a rate of $1,085 per sq ft on land.
The tender for 18/20 Berwick Drive will close at 3.00 pm on 15 November 2018.
An OCBC Investment Research report from March said that unlike non-landed properties which rebounded 1.3 per cent in 2017, landed properties fell by 0.5 percent in the same period. But this is set to change according to iCompareLoan‘s chief mortgage consultant Paul Ho.
Mr Ho said that “as the sales proceeds start to come in from the en bloc sales completion from now till 2019, landed properties, especially the Inter-terrace segment will hot up.” 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.
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.
Mr Ho believes that 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 Mr Ho cautioned that 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,” he said. Adding, “which is why they would have to work with established mortgage brokers who can provide them free service.”
With a lack of a strong supply of landed homes, prices of landed homes tend to trend up more than prices of non-landed homes during an upswing in prices. An earlier research said that the total number of transactions for landed projects in 2018 is expected to be around 300 units.
How to Secure a Home Loan Quickly
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