Freehold bungalow on Kew Drive sold for $16.3 mil

A freehold bungalow near Kew Drive, off Upper East Coast in District 16, has actually been realized $16.3 million. Based on the freehold land spot of 14,376 sq ft, this works out to $1,134 psf. Mey Lim and Lawrence See of GCB Collective, a group of bungalow professionals in Huttons Asia, brokered the transaction. In terms of outright cost, this is the highest ever for a home in the Kew estate, says See.

The purchaser of 26 Kew Drive had been searching for a ground real estate in the location for “quite some time”, says See. They had made an offer for the residence a year ago at $16 million, yet the prior proprietor picked not to continue with the deal at that price.

Caveats lodged show that the previous high was the revenue of a bungalow on Kew Drive taking up a freehold acreage of 11,857 sq ft in December 2017. The real estate retrieved $10.55 million or $890 psf on the acreage. The most current transaction for a removed home in the location took place on Jan 13, 2022 when a bungalow on Kew Terrace with a land area of 4,496 sq ft changed hands for $3.58 million ($796 psf). Prior to that, a bungalow on Kew Drive with an acreage of 8,279 sq ft fetched $6.38 million ($771 psf) on Jan 6, 2022.

The property is a 10-minute walk to Bedok Food Centre and a five-minute drive to Siglap Community Club, that has retail store offerings, including a Sheng Siong Grocery Store, a McDonald’s dining establishment plus an Anytime Fitness work out center. 26 Kew Drive is additionally placed just within 1km of Temasek Primary School together with Temasek High School.

The past proprietors of 26 Kew Drive have occupied the existing six-bedroom, 6500 sq ft real estate since it was developed over 30 years ago. In March this year, the residential property was put up for sale through a tender exercise by OrangeTee & Tie with a guide rate of $18 million. The tender closed on April 14 without finding a buyer.

The purchaser subsequently took a look at some other landed residential properties however can not find a place that fit their requirements. “They prefer this plot [at 26 Kew Drive] provided its size and even redevelopment potential, along with the reality that it is within walking range of common transportation facilities,” he claims. The house is a four-minute stroll from the Upper East Shore Bus Terminal as well as less than a 10-minute stroll from the upcoming Bedok South MRT Station on the Thomson-East Coast Line.

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Offered their interest for the spot, the buyer, who is a Singaporean, secured an increased deal of $16.3 million. See claims they intend to take down the existing property and also establish a brand-new one from scratch. Based upon URA’s Master Plan 2019, the location is designated for a landed development of up to three floors. Situated at the end of a cul-de-sac, the raised spot implies the new home would most likely have views of the surrounding landed estate.

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