Freehold Siglap site enters collective sale at $14.13m

A freehold residential site at 98–98E Upper East Coast Road has been launched for collective sale with a guide price of $14.13m, following the acquisition of 80% owners’ consent, said PropNex Realty.

The 820.3-square-metre (sqm) site is zoned for residential use with a plot ratio of 1.4 under the 2025 Master Plan and can be redeveloped into a five-storey residential block comprising up to 11 units, subject to approval.

PropNex said developers may also explore an alternative scheme for landed redevelopment, including a pair of semi-detached houses and one detached house, subject to regulatory approval.

The guide price translates to about $1,068 per square foot per plot ratio (psf ppr) based on the potential gross floor area, including bonus balcony area, for apartment redevelopment. 

​For landed redevelopment, the implied land rate is about $1,600 psf The site is not subject to land betterment charge due to its development baseline.

The property is within walking distance of Siglap MRT Station on the Thomson-East Coast Line and is accessible via the East Coast Parkway.

Nearby amenities include Siglap Centre, Siglap V, Parkway Parade, and East Coast Park with schools in the vicinity including Victoria Junior College, Temasek Primary School, and Victoria School.

“The property is expected to attract interest from both apartment and landed housing developers, given its freehold tenure and Upper East Coast location,” said Tracy Goh, associate group district director and head of capital markets at PropNex.

The tender will close on 30 June at 3 p.m.