Freehold Development Island View to Be Launched for Collective Sale at a Reserve Price of $575 Million

18 September 2023, SINGAPORE – PropNex Realty, Singapore’s largest real estate agency has today announced that a freehold development, Island View in Jalan Mat Jambol in Pasir Panjang will be put up for collective sale via tender on 19 September 2023 at a reserve price of $575 million (excluding land betterment charge). After including the latest land betterment charge and the 7 per cent bonus balcony space, the land rate works out to $1,623 psf per plot ratio.

Completed in 1984, Island View in District 5 - which comprises 72 residential units – sits on a freehold, sprawling elevated site spanning 28,757.3 sq m (approx. 309,543 sq ft). Under the Master Plan 2019, the site is zoned for residential use with a gross plot ratio of 1.4. It has a redevelopment potential of up to 5 storeys high and could yield 402 new dwelling units, based on an average unit size of 100 sq m.

Laurence Wong, Head of Collective Sales at PropNex, said, “The appeal of Island View lies in its best-of-both-worlds location – within 10 minutes’ drive to the central business district and a short walk to the Pasir Panjang MRT station, yet also close to nature, namely the popular Mount Faber Park. It is also the largest freehold condominium land in Pasir Panjang. The successful tenderer will be able to build an iconic development in District 5 which will be set apart from the other residential projects as it has plenty of land to cater for a wide range of condo facilities and social areas. In addition, the site faces Singapore’s southern coastline, potentially offering units on higher floors some seaview.”

There is a wide array of amenities in the surrounding areas, such as Mapletree Business City, Science Park, Pasir Panjang Food Centre, Alexandra Village Food Centre, Telok Blangah Market, VivoCity mall, as well as the HarbourFront Centre, which is slated for redevelopment. It is also near various recreation offerings and attractions being a stone’s throw from The Southern Ridges which links up with the Hort Park and Mount Faber via elevated boardwalks and hiking trails, and minutes’ drive to the Sentosa island.

The site is well-served by public transport, being about 330m from the Pasir Panjang MRT station on the Circle Line (CCL), and enjoys easy access to the West Coast Highway leading towards Tuas or to the east via the East Coast Parkway. The Pasir Panjang MRT station is two stops to Kent Ridge station where the National University Hospital and the National University of Singapore are located, and three stops to the one-north precinct, a prominent R&D hub and employment node. Connectivity via the MRT will be further improved and commuting times shortened when the Circle Line is fully completed in 2026, with the opening of three stations (Keppel, Cantonment, and Prince Edward Road).

Mr Wong added, “Investors may benefit from a sizable pool of leasing demand as the future residential project could potentially appeal to professionals working in the HarbourFront area, Mapletree Business City, Science Park, Alexandra Technopark, one-north, NUH and the NUS. Over the longer-term, the Pasir Panjang district could stand to benefit from future developments in the area, such as the Greater Southern Waterfront – a new major gateway for urban living and commercial activities – as well as ongoing rejuvenation of Sentosa and its offerings.”

Meanwhile, schools nearby include Blangah Rise Primary, CHIJ St. Theresa’s Convent, Bukit Merah Secondary, Anglo-Chinese School (Independent), Anglo-Chinese Junior College, Singapore Polytechnic, United World College of South East Asia (Dover Campus), and ISS International School (Preston Campus).

The collective sale tender will close on 19 October 2023 at 2pm. Tender documents are to be submitted at the PropNex office.