Freehold residential site at Joo Chiat Terrace up for sale at $17.5 mil
Strong sales at nearby boutique projects signal demand for small freehold developments, which may support developer interest despite the site’s premium over recent land transactions.
The 10,247 sq ft freehold residential site at 146 and 148 Joo Chiat Terrace is offered at $17.5 million, or around $1,220 psf ppr.
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A freehold residential site at 146 and 148 Joo Chiat Terrace has been launched for collective sale at $17.5 million.
A three-storey residential block currently occupies the plot. Built in 1987, it comprises six apartments.
Owners of all six homes have consented to the en bloc sale, according to AlpsEdge Real Estate and Brilliance Capital, which are jointly marketing the property. The unanimous consent means the sale can avoid "the prolonged statutory process" for obtaining the relevant approvals for the collective sale, the firms added in an Oct 5 release.
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The site spans a land area of about 10,247 sq ft zoned for residential use, with a gross plot ratio of 1.4.
At $17.5 million, the site’s price works out to around $1,220 psf per plot ratio (psf ppr). The figure is in line with recent comparable transactions, which were done at land rates ranging from $1,110 to $1,175 psf ppr, the joint marketing agents said.
These include the sale of a freehold detached home at 108 Joo Chiat Terrace for $21.5 million ($1,175 psf ppr) in December 2024 and a trio of freehold terraced homes on Tanjong Katong Road plot that transacted for $10.86 million ($1,110 psf ppr) in March 2025.
Another recent comparable is Chiku Mansions, a four-storey walk-up block on Chiku Road that Macly Group bought for roughly $22 million ($1,168 psf ppr) in September last year. Macly is expected to redevelop the freehold site into a new boutique residential project with fewer than 20 units.
Meanwhile, the site at 108 Joo Chiat Terrace is now Verdé Joo Chiat, an 18-unit, five-storey residential block currently under construction. Caveats lodged show nine units have been sold since it launched in May, fetching prices from $2,278 to $2,484 psf.
The response points to “encouraging take-up for small, low-rise boutique projects” in the Joo Chiat and Katong precincts, said Carin Puah, executive director at AlpsEdge.
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Other recent launches in the vicinity include Straits at Joo Chiat, a 16-unit freehold development on Joo Chiat Place, and Koon Seng House, a 17-unit apartment on Koon Seng Road. Both projects launched in 2024 and are fully sold. Units at the developments fetched prices ranging from around $2,000 to $2,350 psf.
The success of the launches provides “encouraging market validation” for the future development at 146 and 148 Joo Chiat Terrace, added Puah.
The site is located within the established Joo Chiat and Katong residential, heritage and lifestyle enclaves, with amenities such as I12 Katong, Parkway Parade and East Coast Park a five- to 10-minute drive away.
Tanjong Katong Primary School and Haig Girls’ School are within 1 km of the site. It is also within approximately 2km of other schools, such as Tao Nan School, CHIJ (Katong) Primary and Ngee Ann Primary.
The tender for 146 and 148 Joo Chiat Terrace will close at 3pm on Nov 17.