Mortgagee Sale 10 Bedroom Bungalow Margoliouth Road Priced 233 Mil
Last month, a 2½-storey bungalow located at Margoliouth Road was listed for sale via private treaty for $23.3 million. The property is situated on a freehold land area of 9,637 square feet, translating to a price of $2,402 per square foot. The exclusive marketing agency for this bungalow is SRI Realty International (SRI).
This bungalow was initially offered for sale in February this year at $25.88 million, or $2,685 per square foot. The property is being sold by a mortgagee. Previously, in 2020, when it was first put on the market, the asking price was $16.8 million, or $1,746 per square foot.
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The bungalow, constructed in the 1990s, was designed to be a spacious multi-generational family home. It boasts 10 bedrooms, a large living and dining area, and an indoor basement swimming pool. The property has two primary entrances, one from Lewis Road and the other from Margoliouth Road. In May this year, URA approved an application to change the property’s address from 19 Lewis Road to 40A Margoliouth Road.
According to Bruce Lye, the co-founder and managing partner of SRI, the bungalow is located in Dalvey Estate, an exclusive Good Class Bungalow (GCB) area in prime District 10. The house has two sets of stairs, one leading to the main bedrooms and another to the attic level. The first level houses a guest bedroom, while the second floor contains seven bedrooms, including a master and junior master suite. The attic level has two more bedrooms. The basement is home to an 18-meter lap pool, a shower, a bathroom, and a wine cellar, making it an ideal spot for hosting guests. The first level has a ceiling height of 4.7 meters, and a skylight on the rooftop provides natural light to every floor, including the basement.
The freehold bungalow on Margoliouth Road was built nearly three decades ago. However, according to Lye, most homebuyers prefer to renovate the property rather than demolish and rebuild it, as construction costs are high. Since its launch as a mortgagee sale, the property has received significant interest from several potential buyers, adds Lye. The listed price of $23.3 million, which is $2.5 million lower than its previous price tag, has also garnered considerable attention from potential buyers.
The latest bungalow transaction on Margoliouth Road involved a property sitting on a freehold land area of 6,071 square feet, fetching $15.3 million, or $2,504 per square foot, in July 2022.
Lye says, “The GCB market has seen a surge in activity in recent months.” “There was a lull in transactions after the money-laundering incident in August last year, as people expected prices to fall.” However, since prices have not declined, buyers have returned to the market. “There is a bit of “fear of missing out” because there is a lot of momentum in transactions,” Lye adds.
Aside from its location within the Dalvey Estate GCB area, the bungalow on Margoliouth Road is also within walking distance of Stevens MRT Interchange Station, serving the Downtown and Thomson-East Coast Lines. Additionally, the property is situated within one kilometer of Singapore Chinese Girls’ School.