Two adjoining freehold landed at Gentle Road sold to developer
The 2 properties located at the address 43 and 45 Gentle Road were sold for $30.89 milion to a boutique developer Pinnacle Asset. The purchase price was above the guide price of $30million.
The 2 landed site has a combined land size of 1,479.3 square metres or 15,923 square feet. Chia Main Main Marketing agent head of capital markets (land and collective sale from Knight Frank shared that it was $1940psf per plot and that there were strong interest in the estate sale of the 2 properties.
They also received mote than 10 submissions at the close of the tender exercise.
Both the properties are located on District 11 near to Chancery landed housing enclave. Currently the 2 plots houses a park of single level semi detached house that were built in the 1950’s era. According to the URA masterplan, the plot situated on mixed landed zoning can be rebuilt as a detached, semi-detached or terrace houses of up to 2storeys high.
The managing director of Pinnacle Assets said that the company plans to develop the sites into landed homes. They also recently acquired another pair of semi-detached houses along Chancery Lane for $16.6million and has plans to rebuilt these too.
Shrewsbury Road landed development up for sale
Within the same district 11, 113 and 113A Shrewbury Road has also been put up for sale. The marketing agent ERA Realty Network said the guide price of $22million will work out to be $2,248psf ppr. The 2 plots measuring 9785sqft has a gross plot ratio of 1.4.
“With the site area being less than 1000sqm, it is hence not capable of being redeveloped into an apartment under the current URA guidelines. However it can be torn down and rebuilt into a new landed housing. As the site has a wide road frontage and has a regular shape configuration it facilitates land subdivision. The land site also has a high development baseline with no expected land betterment charge to be payable,” shared ERA’s managing director of investment sales.
The Shrewsbury Road plot is near to Novena area and malls as well as hospitals and medical centres and the Novena MRT station in close proximity.
The expression of interest exercise for Shrewsbury Road sale will close on December 19 2023.