Freehold bungalow on Kew Drive sold for $16.3 mil
The residential property is a 10-minute stroll to Bedok Food Centre and even a five-minute drive to Siglap Community Club, that has retail store offers, featuring a Sheng Siong Supermarket, a McDonald’s restaurant plus an Anytime Fitness gym. 26 Kew Drive is likewise located inside of 1km of Temasek Primary School together with Temasek Secondary School.
Provided their interest for the site, the customer, that is a Singaporean, secured a raised proposal of $16.3 million. See states they intend to take apart the presenting property as well as establish a brand-new one from the ground up. Based upon URA’s Master Plan 2019, the site is marked for a landed property development of as much as three storeys. Located at the end of a cul-de-sac, the elevated site implies the new home would have views of the bordering landed estate.
The customer of 26 Kew Drive had been looking for a ground real estate in the area for “quite some time”, states See. They had made a proposal for the property a year earlier at $16 million, however the past owner selected not to continue with the sale at that cost.
The past owners of 26 Kew Drive have occupied the existing six-bedroom, 6500 sq ft property from it was developed over thirty years back. In March this year, the residential property was offered using a tender exercise by OrangeTee & Tie with an overview rate of $18 million. The tender closed on April 14 without finding a buyer.
Caveats lodged show that the former high was the sale of a bungalow on Kew Drive taking up a freehold land area of 11,857 sq ft in December 2017. The residential property brought $10.55 million or $890 psf on the land area. One of the most recent transaction for a removed home in the vicinity occurred on Jan 13, 2022 when a bungalow on Kew Terrace with a land area of 4,496 sq ft shifted hands for $3.58 million ($796 psf). Prior to that, a bungalow on Kew Drive with a land area of 8,279 sq ft brought $6.38 million ($771 psf) on Jan 6, 2022.
A property bungalow along Kew Drive, off Upper East Coast in District 16, has actually been cost $16.3 million. Based on the property land spot of 14,376 sq ft, this calculates to $1,134 psf. Mey Lim as well as Lawrence See of GCB Collective, a group of bungalow experts in Huttons Asia, agented the sale. In terms of outright rate, this is the highest ever for a house in the Kew assets, says See.
The purchaser consequently checked out many other landed properties yet could not discover a location that fit their demands. “They wish this plot [at 26 Kew Drive] offered its measurements and redevelopment potential, along with the reality that it is inside walking range of public transportation facilities,” he states. The house is a four-minute walk from the Upper East Coastline Bus Terminal and also no more than a 10-minute walk from the upcoming Bedok South MRT Station on the Thomson-East Coastline Line.
