Freehold bungalow on Kew Drive sold for $16.3 mil
A property bungalow near Kew Drive, off Upper East Coast in District 16, has been brought $16.3 million. Based upon the estate land location of 14,376 sq ft, this figures out to $1,134 psf. Mey Lim and Lawrence See of GCB Collective, a group of bungalow experts in Huttons Asia, agented the purchase. In terms of outright cost, this is the greatest ever for a residence in the Kew property, says See.
The purchaser ultimately looked at many other landed real estates yet can not find a location that suited their demands. “They prefer this plot [at 26 Kew Drive] offered its dimension and redevelopment opportunity, along with the fact that it is within walking proximity of common transportation services,” he says. The house is a four-minute walk from the Upper East Coast Bus Terminal and also no more than a 10-minute walk from the upcoming Bedok South MRT Station on the Thomson-East Coastline Line.
The customer of 26 Kew Drive had been looking for a ground property in the place for “fairly some time”, says See. They had actually made a deal for the residence a year back at $16 million, however the past owner chose not to proceed with the deal at that price.
The former proprietors of 26 Kew Drive have actually occupied the presenting six-bedroom, 6500 sq ft property from it was developed over 30 years earlier. In March this year, the residential property was put up for sale through a tender exercise by OrangeTee & Tie with a guide cost of $18 million. The tender closed on April 14 without obtaining a customer.
Offered their choice for the spot, the customer, who is a Singaporean, generated an increased proposal of $16.3 million. See states they plan to take apart the existing property and also develop a brand-new one from scratch. Based upon URA’s Master Plan 2019, the location is designated for a landed innovation of approximately three floors. Located at the end of a dead end, the raised site means the new residence would certainly have viewpoints of the bordering landed estate.
Caveats lodged show that the previous high was the deal of a bungalow on Kew Drive inhabiting a property acreage of 11,857 sq ft in December 2017. The real estate retrieved $10.55 million or $890 psf on the land area. The most recent purchase for a detached home in the vicinity happened on Jan 13, 2022 when a bungalow on Kew Terrace with an acreage of 4,496 sq ft switched hands for $3.58 million ($796 psf). Prior to that, a bungalow on Kew Drive with an acreage of 8,279 sq ft obtained $6.38 million ($771 psf) on Jan 6, 2022.
The residential property is a 10-minute stroll to Bedok Food Centre and also a five-minute drive to Siglap Community Club, that has retail industry offers, involving a Sheng Siong Supermarket, a McDonald’s dining establishment plus an Anytime Fitness work out center. 26 Kew Drive is additionally placed inside of 1km of Temasek Primary School also Temasek High School.
