Bungalow plot near Adam Rd for sale for up to $82 million
45,155 sq ft freehold site near Adam Road is on one of the highest points in area
A home on a large elevated site near Adam Road has hit the market with expectations that it could sell for about $82 million.
The good-class bungalow is at Jalan Asuhan, also known as the "bankers' lane", not least because United Overseas Bank chairman Wee Cho Yaw is believed to live in the area.
The 4, Jalan Asuhan home sits on a 45,155 sq ft site, with experts tipping that it could sell for between $1,600 and $1,800 per sq ft (psf), pricing the land at $72 million to $82 million. If that is too rich a price for potential buyers, the site can be split up into two - one of 26,166 sq ft, which contains the bungalow, and one of 18,989 sq ft.
The freehold land, whose owner died last year, is on one of the highest points in the exclusive neighbourhood, giving a panoramic view all round. It is near Serene Centre and Coronation Plaza, and will be served by the upcoming Botanic Gardens MRT interchange station, which will be ready by 2015.
FOR THE CASH-RICH
'There's still demand for good-class bungalows but, with the latest round of cooling measures, some might be affected, although most of them (with such a budget) are likely to be cash-rich.'
- SLP International research head Nicholas Mak