Savills announced on January 21 that it has successfully brokered the sale of 18/20 Berwick Drive in Serangoon Gardens through a tender exercise in December 2018.
The site in Serangoon Gardens was sold for $1.7 million below the expected sale price.
The mixed landed residential development site in Serangoon Gardens has an area of 10,602 sq ft. The vendor of the site expected a price of $11.5 million which translates to a rate of $1,085 per sq ft on land, but was sold for $9.8 million, reflecting a land rate of $924 per square feet (psf).
The estate was put up for sale by the trustees of the late Manasseh Gladys Estelle, a descendent of a significant trade merchant who was one of the first Jews in Singapore. Properties once owned by the Manasseh family include Eden Hall on Nassim Road, which is currently the official residence of the British High Commissioner to Singapore and Goodwood Hall, which is now the Goodwood Park Hotel.
Suzie Mok, senior director of Investments at Savills Singapore, who brokered the deal of the mixed landed residential development site in Serangoon Gardensc ommented: “Well located freehold plots with potential for subdivision and redevelopment into multiple landed homes will invariably appeal to developers due to their affordable quantum, limited supply and less risky profile”.
The site at Serangoon Gardens which was successfully sold 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 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.
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.
Mr Paul Ho, chief mortgage consultant at iCompareLoan, said: “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.”
How to Secure a Home Loan Quickly
If you are looking to buy a mixed landed residential unit and are unsure if you qualify for mortgage loans, our mortgage consultants at iCompareLoan can set you up on a path that can get you a home loan in a quick and seamless manner.
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