Property
Published January 30, 2007
Bungalow fetches $8.5m in auction
A FREEHOLD bungalow at 59 Goodman Road put up for sale by UCO Bank changed hands for $8.5 million in an auction last week.
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Potential: The single-storey bungalow in the Katong area can be redeveloped into at least two bungalows
In all, eight parties 'bid vigorously from an opening price of $6.4 million', according to Knight Frank auctioneer Mary Sai.
After 21 incremental bids of $100,000 each, a Singapore couple walked away with the property in the Katong area last Thursday.
The winning bid works out to $626 per square foot (psf) based on the property's land area of 13,571 square feet - matching the rates achieved in the location during the last peak of 1995-1996, according to Ms Sai. She also observed that the price fetched was in line with current freehold bungalow prices being achieved in the Bukit Timah area.
UCO Bank had owned the 59 Goodman Road property since 1951. The single-storey freehold bungalow can be redeveloped into at least two new bungalows, according to Knight Frank.
The same auction also saw a freehold strata factory unit at Tong Lee Building in Paya Lebar sold for $445,000 or $149 psf of strata area.
The other 20 properties that also went under the hammer at the auction were withdrawn as their reserve prices were not reached. However, some offers were received for private negotiations such as for an HDB shophouse in Ang Mo Kio, and shop units at Sultan Plaza and North Bridge Road.
