A residential site situated at 62 Florence Road, off Upper Serangoon Road, was set up for sale by CBRE through public tender to get an equal cost of S$13.5 million, that translates into S$850 per square foot (psf).
The distinctive delta-shaped website is zoned Residential under the 2019 Draft Master Plan and includes a land area of approximately 15,871 sq feet with a 1.4 plot ratio.
The home is about an eight-minute walk into the Kovan MRT Station and bus interchange, in Addition to Kovan City.
It’s presently occupied by a vacant one-storey detached home constructed in the 1930’s and loves double road frontages of 45 m on Lim Ah Pin Road and 55 m together Florence Road.
“Since the present plot ratio is under-utilised, the website could be redeveloped to accommodate a more five-storey boutique development comprising some 20 flats of approximately 1,076 sq feet in unit size region, a basement carpark and communal facilities — subject to approvals from the relevant government,” explained Michael Tay, CBRE senior executive manager for capital markets.
“There are also an estimated growth fee of S$3.7 million, subject to URA’s affirmation,” he added.
The people tender exercise for 62 Florence Road closes on 5 December.