New Reporter
15-06-23, 14:54
Freehold bungalow on Kew Drive sold for $16.3 mil
June 13, 2023
A freehold bungalow along Kew Drive, off Upper East Coast in District 16, has been sold for $16.3 million. Based on the freehold land site of 14,376 sq ft, this works out to $1,134 psf. Mey Lim and Lawrence See of GCB Collective, a team of bungalow specialists in Huttons Asia, brokered the sale. In terms of absolute price, this is the highest ever for a house in the Kew estate, says See.
Caveats lodged show that the previous high was the sale of a bungalow on Kew Drive occupying a freehold land area of 11,857 sq ft in December 2017. The property fetched $10.55 million or $890 psf on the land area. The most recent transaction for a detached home in the vicinity occurred on Jan 13, 2022 when a bungalow on Kew Terrace with a land area of 4,496 sq ft changed hands for $3.58 million ($796 psf). Prior to that, a bungalow on Kew Drive with a land area of 8,279 sq ft fetched $6.38 million ($771 psf) on Jan 6, 2022.
The previous owners of 26 Kew Drive have occupied the existing six-bedroom, 6500 sq ft property since it was built over 30 years ago. In March this year, the house was put up for sale via a tender exercise by OrangeTee & Tie with a guide price of $18 million. The tender closed on April 14 without finding a buyer.
The buyer of 26 Kew Drive had been searching for a landed property in the area for “quite some time”, says See. They had made an offer for the property a year ago at $16 million, but the previous owner chose not to proceed with the sale at that price.
The buyer subsequently looked at other landed properties but could not find a site that suited their requirements. “They like this plot [at 26 Kew Drive] given its size and redevelopment potential, as well as the fact that it is within walking distance of public transport amenities,” he says. The house is a four-minute walk 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 Coast Line.
Given their preference for the site, the buyer, who is a Singaporean, made an increased offer of $16.3 million. See says they plan to tear down the existing home and build a new one from scratch. Based on URA’s Master Plan 2019, the site is designated for a landed development of up to three storeys. Located at the end of a cul-de-sac, the elevated site means the new home would have views of the surrounding landed estate.
More at: https://www.edgeprop.sg/property-news/freehold-bungalow-kew-drive-sold-163-mil
June 13, 2023
A freehold bungalow along Kew Drive, off Upper East Coast in District 16, has been sold for $16.3 million. Based on the freehold land site of 14,376 sq ft, this works out to $1,134 psf. Mey Lim and Lawrence See of GCB Collective, a team of bungalow specialists in Huttons Asia, brokered the sale. In terms of absolute price, this is the highest ever for a house in the Kew estate, says See.
Caveats lodged show that the previous high was the sale of a bungalow on Kew Drive occupying a freehold land area of 11,857 sq ft in December 2017. The property fetched $10.55 million or $890 psf on the land area. The most recent transaction for a detached home in the vicinity occurred on Jan 13, 2022 when a bungalow on Kew Terrace with a land area of 4,496 sq ft changed hands for $3.58 million ($796 psf). Prior to that, a bungalow on Kew Drive with a land area of 8,279 sq ft fetched $6.38 million ($771 psf) on Jan 6, 2022.
The previous owners of 26 Kew Drive have occupied the existing six-bedroom, 6500 sq ft property since it was built over 30 years ago. In March this year, the house was put up for sale via a tender exercise by OrangeTee & Tie with a guide price of $18 million. The tender closed on April 14 without finding a buyer.
The buyer of 26 Kew Drive had been searching for a landed property in the area for “quite some time”, says See. They had made an offer for the property a year ago at $16 million, but the previous owner chose not to proceed with the sale at that price.
The buyer subsequently looked at other landed properties but could not find a site that suited their requirements. “They like this plot [at 26 Kew Drive] given its size and redevelopment potential, as well as the fact that it is within walking distance of public transport amenities,” he says. The house is a four-minute walk 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 Coast Line.
Given their preference for the site, the buyer, who is a Singaporean, made an increased offer of $16.3 million. See says they plan to tear down the existing home and build a new one from scratch. Based on URA’s Master Plan 2019, the site is designated for a landed development of up to three storeys. Located at the end of a cul-de-sac, the elevated site means the new home would have views of the surrounding landed estate.
More at: https://www.edgeprop.sg/property-news/freehold-bungalow-kew-drive-sold-163-mil