Roselane Court, an affordable freehold residential development located on Rose Lane off Tanjong Katong Road in District 15 is now open to be sold by tender, with a suggested price that is $23 million. The price guide is the land price of around $1,375 per square foot in plots per square foot (psf or ppr) after adjusting for a modest land improvement fee in the estimation of Knight Frank, who is marketing the property.
The Myst showflat location offers a perfect range of amenities, connectivity, and comfort. Thanks to its convenient location, residents are just minutes away from major amenities such as shopping malls, schools, restaurants, and hospitals.
Roselane Court was completed in 2002 and houses seven units. The property is situated on an that covers 12,054 square feet that is zoned for residential use and has an average plot ratio of 1.4. A proposed development on the site could include up to 18 units that have an average size of 85 square meters (915 sq feet) depending on the layout layout and approval from the appropriate authorities.
Chia Mein Mein, Knight Frank’s director of the capital market (land as well as collective sales) states that residential sites in the eastern region of Singapore are still popular among developers. Roselane Court is located close to two development land parcels that are freehold located at Thiam Siew Avenue which were sold for $815 million to a joint venture comprised of Hoi Hup Realty and Sunway Developments in November 2021 with a land price of $1,488 per sq ft ppr. Two Government Land Sale sites at close by Dunman Road and Jalan Tembusu were awarded last year with land rates of $1,350 per ppr and $1,302 per psf and $1,302 psf ppr.
In addition, Bagnall Court, a freehold condominium located on Upper East Coast Road, was sold to a consortium headed by Roxy Pacific Holdings in January for $115.28 million, at an average land price of $1,106 psf per acre. In the month of January, a joint venture of UOL Group and Singapore Land Group was given an auction for the common sale of Meyer Park, which is a residential site located along Meyer Road, for $392.18 million, or a land value of $1,668 per square foot ppr.
Chia mentions that the latest projects launched in the east have received a hefty response. Sceneca Residence, MCC Land’s 99-year leasehold development on Tanah Merah Kechil Link, has seen more than 60% of units occupied at the time of its launch in January, with an average cost of $2,100 per square foot. Liv@MB is the 99-year leasehold development of Bukit Sembawang Estates along Arthur Road, has achieved the rate of around 85% at an average of $2,412 per square foot since it was launched in May of last year, in accordance with caveats filed.
“This is an obvious reflection of the booming market need for properties within the east region of Singapore due to the strong market, and the high demand for new launches of projects in this region,” comments Chia.
As per Knight Frank, owners of the apartments at Roselane Court, which range between 624 and 1,851 sq feet, will receive the minimum amount of $1.9 Million to $4 million after the selling of the development.
Roselane Court is a 10-minute walk from the Dakota MRT Station. Schools within a 1-km radius comprise Kong Hwa School, Tanjong Katong Primary School and Haig Girls”School.
The bid for Roselane Court is due to close on Apr 5th at 3pm.