Freehold bungalow on Kew Drive sold for $16.3 mil
A property bungalow near Kew Drive, off Upper East Coast in District 16, has actually been sold for $16.3 million. Based on the property land site of 14,376 sq ft, this figures out to $1,134 psf. Mey Lim as well as Lawrence See of GCB Collective, a team of bungalow professionals in Huttons Asia, brokered the transaction. In regards to absolute price, this is the highest possible ever before for a residence in the Kew property, mentions See.
The purchaser ultimately checked out many other landed residential properties however can not get a location that suited their demands. “They prefer this plot [at 26 Kew Drive] given its size and redevelopment potential, along with the reality that it is inside walking range of public transport amenities,” he states. The house is a four-minute stroll from the Upper East Coast Bus Terminal and less than a 10-minute walk from the upcoming Bedok South MRT Station on the Thomson-East Coastline Line.
Caveats lodged view that the prior high was the sale of a bungalow on Kew Drive occupying an estate acreage of 11,857 sq ft in December 2017. The property fetched $10.55 million or $890 psf on the acreage. The most latest deal for a detached home in the area occurred on Jan 13, 2022 the second a bungalow on Kew Terrace with a land area of 4,496 sq ft shifted hands for $3.58 million ($796 psf). Before that, a bungalow on Kew Drive with an acreage of 8,279 sq ft fetched $6.38 million ($771 psf) on Jan 6, 2022.
Given their preference for the site, the customer, that is a Singaporean, made an increased offer of $16.3 million. See states they intend to tear down the existing residential property as well as develop a new one from the ground up. Based on URA’s Master Plan 2019, the site is assigned for a landed innovation of as much as three floors. Located at the end of a dead end, the raised spot indicates the new house would certainly have views of the neighboring landed estate.
The property is a 10-minute stroll to Bedok Food Centre and even a five-minute drive to Siglap Community Club, which has retail industry offerings, involving a Sheng Siong Grocery Store, a McDonald’s diner and an Anytime Fitness work out center. 26 Kew Drive is likewise situated inside of 1km of Temasek Primary School together with Temasek High School.
The previous proprietors of 26 Kew Drive have actually occupied the presenting six-bedroom, 6500 sq ft real property since it was built over 30 years ago. In March this year, the residence was offered using a tender exercise by OrangeTee & Tie with an overview cost of $18 million. The tender closed up on April 14 without obtaining a purchaser.
The customer of 26 Kew Drive had been looking for a ground property in the location for “fairly some point”, says See. They had actually made an offer for the real estate a year back at $16 million, however the past owner selected not to continue with the sale at that rate.