Freehold bungalow on Kew Drive sold for $16.3 mil
A property bungalow along Kew Drive, off Upper East Coast in District 16, has actually been cost $16.3 million. Based upon the property land location of 14,376 sq ft, this works out to $1,134 psf. Mey Lim as well as Lawrence See of GCB Collective, a team of bungalow experts in Huttons Asia, serviced the transaction. In regards to absolute cost, this is the highest ever for a home in the Kew property, says See.
The purchaser of 26 Kew Drive had been searching for a landed real estate in the place for “rather some point”, states See. They had actually made a deal for the residence a year back at $16 million, yet the prior owner chose not to proceed with the deal at that rate.
The previous owners of 26 Kew Drive have actually dwelled the existing six-bedroom, 6500 sq ft property ever since it was built over 30 years back. In March this year, the residential property was put up for sale via a tender exercise by OrangeTee & Tie with an overview cost of $18 million. The tender closed up on April 14 without finding a purchaser.
The real estate is a 10-minute stroll to Bedok Food Centre and also a five-minute drive to Siglap Community Club, that has retail industry offerings, featuring a Sheng Siong Supermarket, a McDonald’s restaurant plus an Anytime Fitness fitness center. 26 Kew Drive is additionally situated within 1km of Temasek Primary School also Temasek Senior High School.
Caveats lodged view that the previous high was the deal of a bungalow on Kew Drive inhabiting 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. One of the most current purchase for a separated home in the location occurred on Jan 13, 2022 the second a bungalow on Kew Terrace with an acreage of 4,496 sq ft shifted hands for $3.58 million ($796 psf). Before that, a bungalow on Kew Drive with a land area of 8,279 sq ft obtained $6.38 million ($771 psf) on Jan 6, 2022.
The buyer consequently took a look at other landed real estates yet could not find a place that matched their needs. “They like this plot [at 26 Kew Drive] offered its dimension and even redevelopment opportunity, along with the reality that it is inside strolling proximity of common transport features,” he mentions. The house is a four-minute stroll from the Upper East Coast Bus Terminal as well as less than a 10-minute stroll from the upcoming Bedok South MRT Station on the Thomson-East Coastline Line.
Offered their preference for the spot, the purchaser, that is a Singaporean, generated a raised deal of $16.3 million. See states they intend to tear down the occurring home as well as construct a brand-new one from the ground up. Based on URA’s Master Plan 2019, the area is assigned for a landed development of up to 3 floors. Found at the end of a dead end, the elevated location suggests the new residence would have viewpoints of the neighboring landed estate.