Freehold bungalow on Kew Drive sold for $16.3 mil
A freehold bungalow around Kew Drive, off Upper East Coast in District 16, has actually been sold for $16.3 million. Based on the freehold land location of 14,376 sq ft, this figures out to $1,134 psf. Mey Lim and Lawrence See of GCB Collective, a team of bungalow professionals in Huttons Asia, serviced the purchase. In terms of absolute rate, this is the highest possible ever for a home in the Kew estate, says See.
Given their choice for the spot, the purchaser, that is a Singaporean, generated an increased offer of $16.3 million. See states they plan to tear down the occurring property and also establish a brand-new one from the ground up. Based on URA’s Master Plan 2019, the area is assigned for a landed innovation of as much as 3 floors. Located at the end of a dead end, the raised location suggests the brand-new residence would most likely have views of the surrounding landed estate.
Caveats lodged tv show that the prior high was the revenue of a bungalow on Kew Drive occupying a property acreage of 11,857 sq ft in December 2017. The residential property retrieved $10.55 million or $890 psf on the land area. One of the most recent purchase for a detached home in the location occurred on Jan 13, 2022 the minute a bungalow on Kew Terrace with an acreage of 4,496 sq ft switched hands for $3.58 million ($796 psf). Prior to that, a bungalow on Kew Drive with an acreage of 8,279 sq ft brought $6.38 million ($771 psf) on Jan 6, 2022.
The customer of 26 Kew Drive had been searching for a ground property in the location for “rather some point”, claims See. They had actually made a proposal for the residence a year back at $16 million, however the prior proprietor chose not to continue with the sale at that price.
The buyer consequently looked at many other landed properties however could not discover a place that matched their requirements. “They wish this plot [at 26 Kew Drive] provided its dimension and redevelopment possibility, along with the fact that it is within walking distance of common transport services,” he states. The house is a four-minute stroll from the Upper East Shore Bus Terminal and less than a 10-minute walk from the upcoming Bedok South MRT Terminal on the Thomson-East Coastline Line.
The property is a 10-minute walk to Bedok Food Centre and a five-minute drive to Siglap Community Club, that has retail store services, featuring a Sheng Siong Grocery Store, a McDonald’s dining establishment plus an Anytime Fitness fitness center. 26 Kew Drive is likewise placed within 1km of Temasek Primary School also Temasek Senior High School.
The previous owners of 26 Kew Drive have actually occupied the existing six-bedroom, 6500 sq ft real property ever since it was developed over 30 years ago. In March this year, the house was put up for sale by means of a tender exercise by OrangeTee & Tie with a guide price of $18 million. The tender closed up on April 14 without obtaining a customer.