News: 999-year leasehold residential site in Kovan on sale for $18 million

Feb 19, 2021

Located within the mature Kovan estate, the 1,955.2 sq m (21,046 sq ft) site is zoned for residential use under the 2019 Master Plan with a plot ratio of 1.4 and is held by a single owner. Image: Edmund Tie

A 999-year leasehold residential site at 48 Hillside Drive has been put up for sale with a guide price of $18 million or about $855 per sq ft (psf) on the site area, revealed sole marketing agent Edmund Tie.

Located within the mature Kovan estate, the 1,955.2 sq m (21,046 sq ft) site is zoned for residential use under the 2019 Master Plan with a plot ratio of 1.4 and is held by a single owner.

The marketing agent noted that the property is ideal as a grand residence of a high-net-worth individual or a multi-generational family. It can also be redeveloped into various landed housing types or as a boutique residential development with up to 27 apartment units averaging 100 sq m.

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Just a stone’s throw away to both Kovan MRT and Serangoon MRT Interchange, the property is accessible via major roads and expressway such as Upper Serangoon Road, Yio Chu Kang Road and Central Expressway.

It is also near eateries and supermarkets at NEX, Heartland Mall, Chomp Chomp Food Centre and MyVillage. Educational institutions such as Rosyth School, Zhonghua Primary School, International French School and Australian International School are also close by.

“With an affordable bite-sized quantum, and various redevelopment possibilities for the well-located site, the property will appeal to a wide range of potential buyers,” said Swee Shou Fern, Executive Director of Investment Advisory at Edmund Tie.

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“Besides residential developers who will be keen to subdivide the site into multiple landed homes or redevelop into a boutique apartment development, we also expect interest from high-net-worth and multi-generational families looking to buy for their own stay.”

With large single-owner redevelopment plots tightly held, she believes the property “may arguably be the last available plot for sale along Hillside Drive”.

The tender for 48 Hillside Drive closes on 23 March.

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Joel Choy
ASSOCIATE DIVISION DIRECTOR
PROPNEX REALTY PTE LTD
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