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 brought $16.3 million. Based on the estate land site of 14,376 sq ft, this figures out to $1,134 psf. Mey Lim and also Lawrence See of GCB Collective, a group of bungalow professionals in Huttons Asia, serviced the purchase. In regards to absolute price, this is the highest ever for a residence in the Kew assets, mentions See.
The former proprietors of 26 Kew Drive have inhabited the presenting six-bedroom, 6500 sq ft real property since it was constructed over three decades earlier. In March this year, the house 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 buyer.
The purchaser subsequently checked out some other landed properties yet can not discover a location that matched their requirements. “They wish this plot [at 26 Kew Drive] given its size and redevelopment opportunity, in addition to the fact that it is inside walking range of public transportation services,” he states. The house is a four-minute walking from the Upper East Shore Bus Terminal and no more than a 10-minute stroll from the upcoming Bedok South MRT Station on the Thomson-East Coastline Line.
The residential property is a 10-minute stroll to Bedok Food Centre and a five-minute drive to Siglap Community Club, which has retail industry services, involving a Sheng Siong Supermarket, a McDonald’s dining establishment and an Anytime Fitness gym. 26 Kew Drive is additionally placed within 1km of Temasek Primary School also Temasek High School.
Provided their choice for the spot, the buyer, who is a Singaporean, generated an increased deal of $16.3 million. See states they intend to take apart the presenting residential property and also construct a brand-new one initially. Based upon URA’s Master Plan 2019, the location is assigned for a landed innovation of approximately three storeys. Situated at the end of a cul-de-sac, the elevated spot means the new house would have sights of the bordering landed estate.
Caveats lodged view that the previous high was the revenue of a bungalow on Kew Drive occupying a property land area of 11,857 sq ft in December 2017. The property brought $10.55 million or $890 psf on the land area. The most current purchase for a removed home in the location happened on Jan 13, 2022 when a bungalow on Kew Terrace with a land area 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 purchaser of 26 Kew Drive had been looking for a landed real estate in the area for “rather some point”, says See. They had made a proposal for the real estate a year back at $16 million, yet the prior owner picked not to carry on with the sale at that cost.
