Two adjoining houses on Gentle Road and Zion Road GLS sold for $30.9 mil

Pinnacle Projects, a subsidiary of real estate development company Pinnacle Assets, has taken two adjoining freehold houses at 43 and 45 Gentle Road in Singapore’s District 11, for the sum of $30.889 million through a tender exercise that was launched on Oct 16 and closed on Nov 16. Chia Mein Mein, head of capital markets, land and collective sale at Knight Frank Singapore, noted that the two properties in Chancery’s landed housing enclave saw strong interest, with over 10 bids received. The Zion Road GLS estate sale attracted developers as well as home buyers, who were drawn to the strategic location and rare redevelopment opportunity for niche landed homes.

The two houses, which occupy a total land of about 15,923 sq ft, were sold above the original $30 million guide price set. The land rate of $1,940 psf is within the range that sector experts had suggested. The properties are situated across the road from the Bukit Tunggal Good Class Bungalow Area and in close proximity to Novena and Newton MRT Stations.

Victor Soh, managing director of Pinnacle Assets, shared that the company intends to redevelop the sites into “landed homes with high functionality while preserving a homely feel”. He added that the company aimed to provide luxurious homes within the popular residential enclave for prospective buyers.

Zion Road GLS is the perfect choice for those looking for great convenience and connectivity. It is located in close proximity to essential amenities such as shopping malls, schools, and hospitals. Residents have access to a wide range of public transportation services such as MRT stations, bus services, and taxis. With easy accessibility to major expressways, commutes to the centre of the city are hassle-free.

Data from EdgeProp LandLens shows that sales transactions of landed properties in the vicinity of the Zion Road GLS properties were mainly clustered around Gentle Road, with the highest transacted sum occurring in 2019. In April 2019, a pair of adjoining freehold residential houses at 11 and 15 Gentle Road was acquired for $22 million, equivalent to a land rate of approximately $1,406 psf.

Chia Mein Mein further noted that landed homes continue to draw interest from buyers, including high-net-worth individuals who recognise the scarcity of such properties in Singapore. She opined that the healthy demand has caused developers to remain on the “lookout for prime landed residential sites with redevelopment potential”.