Freehold bungalow on Kew Drive sold for $16.3 mil
The purchaser of 26 Kew Drive had been searching for a ground real estate in the place for “quite some point”, states See. They had actually made an offer for the property a year ago at $16 million, but the past proprietor chose not to carry on with the transaction at that price.
Offered their preference for the site, the customer, who is a Singaporean, generated an increased offer of $16.3 million. See says they prepare to take apart the existing property and build a new one from scratch. Based on URA’s Master Plan 2019, the site is assigned for a landed property development of up to 3 storeys. Situated at the end of a dead end, the elevated spot suggests the brand-new residence would most likely have viewpoints of the surrounding landed estate.
A property bungalow around Kew Drive, off Upper East Coast in District 16, has actually been brought $16.3 million. Based on the freehold land site of 14,376 sq ft, this figures out to $1,134 psf. Mey Lim as well as Lawrence See of GCB Collective, a team of bungalow specialists in Huttons Asia, brokered the purchase. In terms of absolute price, this is the highest possible ever for a residence in the Kew estate, states See.
The past homeowners of 26 Kew Drive have occupied the existing six-bedroom, 6500 sq ft real property from it was built over thirty years earlier. In March this year, the house was offered through a tender exercise by OrangeTee & Tie with a guide price of $18 million. The tender finalized on April 14 without obtaining a purchaser.
Caveats lodged show that the former high was the deal of a bungalow on Kew Drive inhabiting a freehold land area of 11,857 sq ft in December 2017. The residential property brought $10.55 million or $890 psf on the acreage. The most recent transaction for a detached home in the location occurred on Jan 13, 2022 the minute 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 purchaser ultimately checked out other landed properties but can not find a location that matched their needs. “They like this plot [at 26 Kew Drive] provided its measurements including redevelopment potential, as well as the truth that it is inside walking distance of public transportation amenities,” he says. The house is a four-minute walking from the Upper East Coastline Bus Terminal as well as less than a 10-minute stroll from the upcoming Bedok South MRT Terminal on the Thomson-East Coastline Line.
The residential property is a 10-minute walk to Bedok Food Centre and even a five-minute drive to Siglap Community Club, that has retail store services, featuring a Sheng Siong Grocery Store, a McDonald’s restaurant and an Anytime Fitness fitness center. 26 Kew Drive is likewise situated just within 1km of Temasek Primary School and Temasek High School.