SINGAPORE: The video on TikTok of the “Cheapest 999 years private residential land in Singapore” has gone viral in the past few days, which is not surprising, given current property prices.
However, despite the 1,945 sqft Punggol Rd property having a price tag of less than one million dollars, it comes with a huge warning: the buyer can’t build a house on it.
Nevertheless, the valiant property agent does her utmost to sell it.
In a Feb 24 TikTok from Property Giant Singapore, the agent, Ms Tiang, asks, “What if I tell you that you can own a piece of private residential land in Singapore for less than S$1 million?”
@propertygiant Cheapest 999 years private residential land in Singapore! Get almost 2,000 sqft for less than $1 million dollars! #punggol #cheapland #sgtiktok #singaporeland #dreamhouse #bareland #foryou #fypsg
♬ original sound – Property Giant Singapore – Property Giant Singapore
The property in question is selling for $514 per square foot, which is a steal in today’s market, if only you could build a residence on this particular residential lot.
Ms Tiang says quite directly and cheerfully half a minute into the video that you can neither build a house nor apply for utilities for the property.
Also, since you can’t apply for a bank loan either, the lot needs to be paid for in cash.
So what can you do with the land? The agent suggests that a buyer can place a storage container and turn it into a mini office (one that would need a portable water storage unit as well as a mini generator, that is.)
It could also be turned into a mini botanic garden, and Ms Tiang helpfully suggested that a buyer could plant their favourite fruits.
The property could also be used as a personal space, for tents so one can go camping under the stars, a playground for children, or a place to hold barbecues.
Who knows but one day, a change in the master plan may result in the land appreciating in value, the agent added.
She then went on to explain that because of the size of the lot, a house cannot be built. As the area is for landed property, a lot size of at least 4,305 sqft is needed for building a detached house.
Ms Tiang went on to say that the property is a good investment, one she would even buy herself.
Judging from the comments on the video, other TikTok users don’t feel quite the same way.
If you’re interested in more TikToks from Singapore’s property agents, check it out here.
/TISG