A FREEHOLD bungalow plot in plush District 11 expected to fetch more than $38 million was put up for sale by tender yesterday.
That price works out to at least $1,686 per sq ft (psf) for the 22,534 sq ft land parcel, which is in a landed enclave and near the Camden Park and Chee Hoon Avenue Good Class Bungalow (GCB) areas.
The site, at No. 16 Tudor Close, is accessible via Dunearn Road and Kheam Hock Road. It is zoned for a two-storey bungalow under the Master Plan 2008 and has approval for sub-division into four bungalow plots.
"Such a prime site is rare and would appeal to boutique developers and extended families who wish to live close together," said Mr Steven Ming, deputy managing director of marketing agent Savills Singapore.
Overall transacted prices of freehold landed detached homes in the prime District 11 ranged between $1,353 psf and $2,160 psf over the first five months of this year excluding strata units, according to caveats lodged with the Urban Redevelopment Authority (URA).
At Chee Hoon Avenue a few streets away, a 15,188 sq ft bungalow was sold for $22.9 million or $1,508 psf in February.
A GCB at nearby Jalan Asuhan was put up for sale in October last year but has not been sold, according to URA data. The No. 4 Jalan Asuhan home, which sits on a 45,155 sq ft site, had been tipped to sell at $72 million to $82 million.
In terms of the total sum paid, the most expensive transaction in the district was of a 15,069 sq ft landed home at Camden Park, which was resold for $25 million or $1,659 psf in February.
The tender for the Tudor Close bungalow will close on June 28.
It comes after a tender for a huge bungalow in Nassim Road closed without any firm offer last Thursday.
The Nassim Road bungalow's owner, Wing Tai Holdings chairman Cheng Wai Keung, wanted $250 million to $300 million for the 85,000 sq ft plot. That works out to $2,947 psf to $3,536 psf.
This story was first published in The Straits Times on May 22, 2013
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