The Business Times | MARCH 28, 2013
Zoned for 2-storey bungalow, site has potential to be redeveloped
A freehold bungalow in Meyer Road has been put on the market, with a price expectation exceeding $35 million or $1,371 per square foot based on its land area of 25,525 sq ft.
On site is an old bungalow, which is expected to be redeveloped by the buyer.
The District 15 property is near East Coast Park. The regular-shaped plot is zoned for "residential - two-storey bungalow" use under Master Plan 2008.
"Given the property's strategic location along the prime Meyer Road belt as well as its redevelopment potential, we expect strong interest in this property," says Mary Sai, executive director, investment, at Knight Frank, the sole marketing agent for the property.
Knight Frank said the sale has been agreed to by all the owners and sanctioned by the High Court of Singapore.
"The bungalow has been held as a family home for more than 30 years and the siblings are now agreeable and intend for it to be sold to the highest bidder with vacant possession," it added.
Knight Frank expects the property to appeal to a mix of home buyers, investors and developers.
Said Ms Sai: "A home buyer may redevelop the site into an exclusive dream home for his family, or build three bungalows to house his extended family."
A developer could potentially redevelop the site into conventional or strata bungalows, for sale or lease, she adds.
According to her, landed properties, particularly old houses with redevelopment potential, are still being highly sought-after - despite the latest property-cooling measures in January.
"Recent sales of bungalows in the vicinity reflect land rates of about $1,400-1,500 psf in the past six months and a bungalow in Clacton Road on land of 14,165 sq ft was transacted two months ago at $1,341 psf," said Ms Sai.
The tender for the Meyer Road bungalow closes on April 23.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)