This 999-year leasehold land in Punggol can be yours for under $1m, but there's a catch

We all know that properties in Singapore don't come cheap, especially landed ones. 

So, would you jump at the chance to purchase this piece of land for less than $1 million? 

According to realtor Lynn Tiang in a TikTok video by property platform Property Giant Singapore on Friday (Feb 24), this 1,945 sq ft plot at Punggol is "probably the cheapest residential land in Singapore", she claimed. 

Located in a three-story mixed landed zoning at Beauty Garden over at Punggol Road, this vacant land is currently listed for a cool $999,999, which works out to a decent $514 psf.

But here comes the catch — the buyer can't build a house on it as the land size is not big enough, posted Tiang on her video. 

[embed]https://www.tiktok.com/@propertygiant/video/7203365695483071762?_r=1&_t=8a8ZLg0mPEw[/embed]

In order to build a house there, it has to be of a 'detached' status which means one will need a minimum land size of about 400 sqm or 4,305 sq ft, she said. 

The only way a house can be built on it is only if the neighbours — whose property is a corner terrace — buy over the land, she added. 

On top of that, interested buyers need to be able to pay fully in cash for that piece of land. She said that this is because one can't take a bank loan to finance the purchase of this land, although she did not explain why.

[embed]https://www.tiktok.com/@propertygiant/video/7203365695483071762[/embed]

Build a playground on it?

Since you can't build a house on top of this land, what can you do with it? 

Tiang suggested putting a storage container on it, to be used as a mini office. However, one has to fit a portable water storage and a mini generator on it.

Alternatively, one can perhaps turn the land into a "mini botanic garden" by growing fruits and plants. 

Other options include setting up tents for that "glamping" experience or turning the land into a playground for kids, she offered. 

"If you have too much money [and] don't know where to spend [it], buy a piece of land," she added.

"Who knows, one day there [may be] a change in the Master Plan or some transformation and your land will appreciate. 

"As the saying goes, one man's trash is another man's treasure. Remember to do your due diligence and check with the local authorities. This could be your next pot of gold." 

Despite the TikTok video only being up just two days ago, Tiang told AsiaOne that she's already received some offers. 

"Some [are] low offers and [we've] received enquiries via phone calls and WhatsApp. Some [also] want to arrange for viewing."

There are currently around 73,000 landed homes in Singapore which forms about 19 per cent of the private housing stock here, reported The Business Times last October. 

This number includes freehold/999-year leasehold homes, 99-year leasehold homes, homes with shorter leases, as well as strata-landed homes.

ALSO READ: We have $2.5m in cash and CPF – is it better to buy a landed home near our children's school or rent and buy a freehold landed elsewhere?

melissateo@asiaone.com

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