Published October 18, 2012

Bungalow plot in Chee Hoon Ave up for sale

By zeinab yusuf saiwalla

Any takers? The indicative asking price of the bungalow plot, which has a two- storey detached house with an attic, is between $20.5 million and $21.5 million - PHOTO: HSR INVESTMENT SALES

A 14,000-square-foot bungalow plot in Chee Hoon Avenue has been offered for sale by public tender with an indicative asking price of between $20.5 million and $21.5 million.

This translates to $1,454 to $1,525 per square foot (psf) of land area.

A two-storey detached house with an attic sits on the plot in the Chee Hoon Avenue Good Class Bungalow Area (GCBA). The property is owned and occupied by a renowned art collector.

The District 11 property is near shopping establishments such as Coronation Shopping Centre and Serene Centre as well as within a one-kilometre radius of Nanyang Primary School.

"Very few people in Singapore live in landed homes and even fewer live in detached houses or inside the 39 GCBAs, which explains why it is so desirable for many to do so," said marketing agent HSR in a statement yesterday.

Meanwhile, a record price in terms of psf of land area was set recently for a bungalow in a GCBA.

A freehold property at Leedon Park was sold for $2,115 psf based on land area of 15,600 sq ft, amounting to $33 million. The bungalow has two storeys and a basement. It comes with six bedrooms and a pool.

The seller is seasoned bungalow investor George Lim, who developed the property, which has obtained BCA's Greenmark Gold Plus award. The property was completed last year. Newsman Realty brokered the deal.

The tender for the Chee Hoon Avenue site closes on Nov 14 at 3pm.