Freehold bungalow on Kew Drive sold for $16.3 mil
A real estate bungalow around Kew Drive, off Upper East Coast in District 16, has actually been realized $16.3 million. Based on the property land location of 14,376 sq ft, this works out to $1,134 psf. Mey Lim and also Lawrence See of GCB Collective, a group of bungalow experts in Huttons Asia, agented the sale. In terms of outright cost, this is the greatest ever for a residence in the Kew property, says See.
The former owners of 26 Kew Drive have actually inhabited the existing six-bedroom, 6500 sq ft real property since it was constructed over three decades ago. In March this year, the residential property was offered via a tender exercise by OrangeTee & Tie with a guide price of $18 million. The tender closed on April 14 without getting a purchaser.
Caveats lodged tv show that the former high was the sale of a bungalow on Kew Drive taking up an estate land area of 11,857 sq ft in December 2017. The real estate retrieved $10.55 million or $890 psf on the acreage. The most current deal for a detached home in the area happened 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 brought $6.38 million ($771 psf) on Jan 6, 2022.
The purchaser of 26 Kew Drive had been looking for a ground real estate in the place for “quite some time”, says See. They had made a proposal for the property a year ago at $16 million, yet the prior owner picked not to continue with the transaction at that value.
Given their choice for the location, the purchaser, that is a Singaporean, secured a raised proposal of $16.3 million. See says they intend to take apart the occurring residential property and also establish a new one from the ground up. Based on URA’s Master Plan 2019, the location is designated for a landed innovation of up to 3 floors. Found at the end of a dead end, the raised site suggests the brand-new home would most likely have viewpoints of the bordering landed estate.
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The residential property is a 10-minute stroll to Bedok Food Centre and a five-minute drive to Siglap Community Club, which has retail industry offerings, including a Sheng Siong Grocery Store, a McDonald’s diner and even an Anytime Fitness work out center. 26 Kew Drive is additionally situated inside of 1km of Temasek Primary School and Temasek High School.
The buyer subsequently checked out some other landed residential properties however can not discover a site that matched their requirements. “They wish this plot [at 26 Kew Drive] given its measurements and even redevelopment potential, along with the truth that it is inside strolling proximity of common transportation facilities,” he mentions. The house is a four-minute walk from the Upper East Coast Bus Terminal as well as no more than a 10-minute walk from the upcoming Bedok South MRT Station on the Thomson-East Coast Line.
