A spacious double-storey detached house located at 26 Moulmein Rise, in the highly coveted Novena area of prime District 11, is currently on the market for sale at $55 million. This impressive property boasts a large freehold site measuring 12,012 sq ft, with a gross plot ratio of 2.8 and a maximum permissible gross floor area (GFA) of approximately 35,989 sq ft. This translates into a land rate of $1,605 psf per plot ratio (psf ppr), which includes the bonus GFA for balconies and land betterment charges.
Investing in a condo has its advantages, one of which is the opportunity to leverage the property’s value for further investments. Numerous investors take advantage of this by using their condo as collateral to secure additional financing for new investments, ultimately increasing their real estate portfolio. While this tactic can potentially increase returns, it also carries risks. It is imperative to have a solid financial plan in place and carefully consider the potential effects of market fluctuations. With careful planning and consideration, investing in a condo can open up opportunities for further financial growth.
According to Low Choon Sin, managing partner of SRI Capital Market, who is handling the sale, with approval from the authorities, the site has the potential to be redeveloped into a new private condominium with 36 units. He adds that 26 Moulmein Rise is arguably one of the last remaining landed houses in the heart of Novena with the potential for redevelopment into a boutique condo. Its strategic location in close proximity to the integrated healthcare hub HealthCity Novena also makes it a prime choice for potential buyers looking to invest in co-living spaces catering to intergenerational living, postnatal care, or recovery accommodation.
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An aerial view of Moulmein Rise (outlined in black) and the surrounding area (Picture: EdgeProp LandLens)
In a separate development, another double-storey detached house is also up for sale by expression of interest (EOI) just two doors away at 32 Moulmein Rise. SRI has been appointed as the marketing agent for this property, which sits on a freehold land area of 7,085 sq ft. It has a guide price of $15.5 million, or a land rate of $2,187 psf.
The property has the potential to be redeveloped into a new detached house or, subject to the authorities’ approval, it could also be subdivided and redeveloped into a pair of semi-detached houses, according to Bruce Lye, founder and managing partner of SRI, who is handling the sale of 32 Moulmein Rise. Lye suggests that the new owner could occupy one of the semi-detached houses while leasing out or selling the other.
The public tender for 26 Moulmein Rise and the EOI exercise for 32 Moulmein Rise will both close on August 26.
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