Sevens Group buys freehold property on Jalan Ulu Siglap for $10.3 mil

Sevens Group buys freehold property on Jalan Ulu Siglap for $10.3 mil

July 29, 2022

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A freehold property comprising four strata-titled apartments located at 1 Jalan Ulu Siglap, off Upper East Coast Road in District 15, has been sold en bloc to property developer Sevens Group for $10.3 million.

The property was completed in 1984 and has a total gross floor area of 5,833 sq ft. It sits on a land area measuring 6,872 sq ft which has URA planning approval for three-storey mixed-landed housing.

The site is located within walking distance of the upcoming Siglap MRT Station on the Thomson-East Coast Line. Other nearby amenities include eateries and shops located along Upper East Coast Road and malls such as Siglap Centre, Bedok Mall and Parkway Parade, all of which are within a short driving distance.

The owners of the four strata apartments were represented by Marge Christy Ho and Serene Goh from OrangeTee & Tie. The property was put on the market around six weeks ago with an indicative price of $11 million.

According to Ho and Goh, the site garnered a number of offers. “We received a healthy number of interested buyers which included five developers and a few private buyers who were looking at redeveloping the site,” they state.

Sevens Group plans to redevelop the site into three landed homes comprising a pair of corner terraces with land areas between 2,260 sq ft and 3,660 sq ft, as well as an intermediate terrace with a land size of around 1,830 sq ft. The future homes will be priced at roughly $3,000 psf to $3,500 psf on the land area.

“This unique and attractive site presented us with a great opportunity to replenish our landbank,” says Wayne Chua, Sevens Group’s sales and marketing director. “This allows us to continuously have a healthy pipeline of quality landed homes going into 2023 and further anchor our presence as the leading landed developer in District 15,” he adds.

Read more at: https://www.edgeprop.sg/property-new...siglap-103-mil