SINGAPORE - An old three-storey bungalow at 11 Dunearn Close will go on sale via an auction on March 29, said its marketing agent Edmund Tie & Company.
The indicative price of the property at Dunearn Close is S$17 million, or about S$1,205 per sq ft of land area.
The freehold property in District 11 is situated within the prestigious Chee Hoon Good Class Bungalow Area (GCBA).
Industry players widely consider a good class bungalow to have a minimum land plot size of 1,400 sq m (15,070 sq ft) and a building height of about 2 storeys, said Mr Ong Kah Seng, a director at R'ST Research.
With a land area of approximately around 14,100 sq ft, the property falls just shy of a good class bungalow but is still a good quality landed home as it is located within a GCBA, he added.
The property is within walking distance of Adam Food Centre, Cluny Court, Serene Centre and Coronation Plaza - and within 1 km of Nanyang Primary School.
It is also close to Hwa Chong Institution, Hwa Chong International School, National Junior College, Raffles Girls' Primary School, Singapore Chinese Girls' School and Nanyang Girls' High School.
Ms Joy Tan, Edmund Tie & Company's head of auction, said, "The property is likely to be well received by landed home buyers, given the prestige of a Bukit Timah address. The owner will be able to construct their ideal home as the property sits on an excellent piece of land within a popular GCB enclave."
A number of pricey bungalows have changed hands over the past year.
A granddaughter of billionaire paint tycoon Mr Goh Cheng Liang bought a bungalow at Queen Astrid Park for S$44.5 million or S$1,271 psf.
Yun Nam Hair Care boss Mr Andy Chua picked up a property along Brizay Park off Old Holland Road for S$33 million or S$1,108 psf - next to a property he already owns.
And Mr Zhang Yong, the founder of the popular Sichuan HaiDiLao steamboat chain from China who is now a Singapore citizen, acquired a bungalow on Gallop Road for S$27 million or S$1,700 psf.
While 37 deals involving good class bungalows were struck in 2016 - the best showing in the past four years - analysts expect investors to remain cautious in the coming year.