Freehold bungalow on Kew Drive sold for $16.3 mil
The former homeowners of 26 Kew Drive have inhabited the existing six-bedroom, 6500 sq ft property from it was constructed over 30 years earlier. In March this year, the residential property was offered using a tender exercise by OrangeTee & Tie with an overview rate of $18 million. The tender finalized on April 14 without getting a customer.
The customer subsequently looked at other landed real estates but can not get a location that matched their demands. “They prefer this plot [at 26 Kew Drive] given its size and even redevelopment opportunity, along with the truth that it is inside strolling range of common transport amenities,” he claims. The house is a four-minute walk from the Upper East Coast Bus Terminal and no more than a 10-minute walk from the upcoming Bedok South MRT Station on the Thomson-East Coastline Line.
A freehold bungalow around Kew Drive, off Upper East Coast in District 16, has actually been realized $16.3 million. Based on the freehold land site of 14,376 sq ft, this calculates to $1,134 psf. Mey Lim as well as Lawrence See of GCB Collective, a team of bungalow experts in Huttons Asia, brokered the sale. In terms of absolute rate, this is the greatest ever for a house in the Kew assets, says See.
The property is a 10-minute stroll to Bedok Food Centre and also a five-minute drive to Siglap Community Club, which has retail offers, involving a Sheng Siong Grocery Store, a McDonald’s diner and an Anytime Fitness fitness center. 26 Kew Drive is additionally situated inside of 1km of Temasek Primary School also Temasek Senior High School.
Given their choice for the location, the purchaser, that is a Singaporean, made an increased proposal of $16.3 million. See says they intend to take apart the existing home and build a new one from the ground up. Based upon URA’s Master Plan 2019, the area is assigned for a landed development of as much as three floors. Situated at the end of a dead end, the raised location suggests the brand-new house would have views of the bordering landed estate.
Caveats lodged tv show that the prior high was the deal of a bungalow on Kew Drive inhabiting a freehold land area of 11,857 sq ft in December 2017. The real estate retrieved $10.55 million or $890 psf on the land area. One of the most current deal for a removed home in the location occurred on Jan 13, 2022 when a bungalow on Kew Terrace with an acreage 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 brought $6.38 million ($771 psf) on Jan 6, 2022.
The buyer of 26 Kew Drive had actually been looking for a ground real estate in the area for “rather some time”, claims See. They had made a deal for the real estate a year earlier at $16 million, yet the prior owner chose not to continue with the transaction at that rate.