A prime bungalow plot located off Meyer Road has just been put up for sale by Expression of Interest (“EOI”) by the trustees of the estate of the late owner, said JLL. The prime bungalow plot is suitable for subdivision and redevelopment into 2 or 3 bungalows. The EOI closes on Monday, 9 July 2018 at 2.30 p.m.
“The freehold property, No. 12 Broadrick Road, was earlier put up for sale by tender in January this year. At that point in time, several offers were received for the property at levels below the vendors’ asking price. Further, the vendors had also received interest and enquiries from parties looking for smaller plots of land for their own occupation. The trustees have agreed that they are now prepared to also consider offers for subdivided plots,” says Mr. Karamjit Singh, Senior Consultant at JLL.
Under the 2014 Master Plan, this cluster of landed properties, bounded by Meyer Road, Mountbatten Road and Crescent Road, has been safeguarded for two-storey detached houses. Each of these houses have a minimum land area of 400 sqm.
Over the years, many of the larger plots in this prime bungalow plot area have been redeveloped into multiple bungalows of smaller land areas.
Only some 10 minutes’ drive from the CBD and 15 minutes to Changi Airport, the property is located close to the future Katong Park MRT station which is part of the planned Thomson-East Coast Line. Construction works are currently underway, and are expected to be completed in 2023.
The vendors are indicating an asking price of $22 million to $24 million for the entire site, reflecting a land rate of approx. $1,361 to $1,485 psf on the land.
The prime bungalow plot at 12 Broadrick Road has a land area of approx. 16,160 sq ft and may be subdivided and redeveloped into two or three adjoining bungalow plots, subject to approval from the planning authorities.
“The Katong bungalow market has seen steady trading activity this year, where some eight bungalow plots have changed hands within the first five months of 2018. The most recent sale was that of 59 Wilkinson Road, a 11,227 sq ft plot that was sold for $15.88 million, or approx. $1,414 psf in May this year,” says Mr. Singh.
“As the sales proceeds start to come in from the en bloc sales completion from now till 2019, landed properties will hot up,” said Mr Ho, the chief mortgage consultant at icompareloan.com.
He added that buyers of prime bungalows stand to potentially save tens (if not hundreds) of thousands of dollars if they engage the services of a mortgage broker for their purchase of the high end property.
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