Two Detached Houses Moulmein Rise Sale 705 Mil
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The 26 Moulmein Rise property in the prestigious District 11 of Novena is now available for sale at a price of $55 million. This stunning double-storey detached house, situated on a freehold site of 12,012 sq ft, boasts a gross plot ratio of 2.8 and a maximum permissible gross floor area (GFA) of around 35,989 sq ft. With a land rate of $1,605 psf per plot ratio (psf ppr), inclusive of bonus GFA for balconies and land betterment charges, this property presents an excellent investment opportunity.
According to Low Choon Sin, managing partner of SRI Capital Market, who is representing the property’s sale, the site has the potential for redevelopment into a new private condo with 36 units, subject to approval from the authorities. He also notes that 26 Moulmein Rise is possibly the last remaining landed house in Novena that can be transformed into a boutique condo. Being in close proximity to HealthCity Novena, the integrated healthcare hub, the site could also be developed into a co-living space catering to intergenerational living, postnatal care, or recovery accommodation.
In addition to this, another detached house at 32 Moulmein Rise, just two doors away, is also available for sale via expression of interest (EOI). This freehold property sits on a land area of 7,085 sq ft and has a guide price of $15.5 million, translating to a land rate of $2,187 psf. Bruce Lye, the founder and managing partner of SRI, who is handling the sale of 32 Moulmein Rise, suggests that the new owner could redevelop the property into a new detached house. Alternatively, it could be subdivided and transformed into a pair of semi-detached houses, subject to approval from the authorities. Lye also adds that the new owner could reside in one of the semi-detached houses and rent out or sell the other.
The closing date for the public tender of 26 Moulmein Rise and the EOI exercise for 32 Moulmein Rise is set for August 26. Interested buyers looking for a prime location and potential development opportunities should not miss this chance to secure these properties.