Prime Claymore Road Bungalow Changes Hands 75 Mil Buyer Eyes Redevelopment Hospitality Use
Resale volume, prices of luxury homes in prime districts hit new highs: Colliers International
Located in one of the most prestigious enclaves in Singapore, the area surrounding Ardmore Park, Claymore Road, and Draycott Park boasts an exceptional cluster of three bungalows at 9, 11, and 15 Claymore Road. Along with these upscale homes, the neighborhood also features luxurious condominiums such as Sculptura Ardmore, The Tate Residences, and The Claymore.
Recently, the bungalow located at 11 Claymore Road was sold for a staggering price of $75 million through a private treaty deal brokered by Karamjit Singh, CEO and founder of property consultancy Delasa. According to Singh, several interested parties recognized the rarity and value of this property.
Under the URA Master Plan, the land has been zoned for residential use with a 2.8 plot ratio and a maximum height of 36 storeys. After factoring in a land betterment charge of approximately $30 million, the final sale price of $75 million translates to a land rate of around $2,100 per square foot per plot ratio (psf ppr), estimates Singh.
The bungalow, originally built in the 1940s, rests on a freehold site measuring 17,974 square feet and boasts a gross floor area of 4,796 square feet. Property records indicate that the owner of the property is Kok Kim Chuan, a private company linked to the Kok family, who were previously involved in trading and finance. The property was previously a family home, but for the past 26 years, it has been leased to The Schoolhouse by Busy Bees (formerly Pat’s Schoolhouse). As part of the sale, the property was also sold with the existing tenancy.
The bungalow at 11 Claymore Road is one of only three properties situated in the Claymore, Ardmore Park, and Draycott enclave in prime District 10, located just off Orchard Road.
The property was previously offered for sale by expression of interest in September 2023 at an asking price of $95 million, which is 26.7% above the final sale price.
The new buyer is currently seeking approval to redevelop the property into a hospitality asset. This prime location, just off Orchard Road, makes it an ideal location for such a project. Across the street stands the Pan Pacific Orchard, a luxury hotel that opened in 2023 with a total of 347 rooms. This hotel was developed by the UOL Group on the site of the former Negara Hotel.
Redevelopment interest in this area is growing, as seen by City Developments Ltd’s (CDL) acquisition of Delfi Orchard en bloc for $439 million in May 2024. Before its purchase, CDL already held an 84% stake in the 11-story freehold building. It is expected that CDL will explore redevelopment options for Delfi Orchard in conjunction with Orchard Hotel and Claymore Connect, which is owned by CDL Hospitality Trusts. A June report by DBS estimated that these three properties could be transformed into a new mixed-use development with a gross development value of between $2 billion and $3.2 billion.
According to Singh, interest in prime Orchard Road sites remains strong, but a mismatch in price expectations between buyers and sellers has limited the number of transactions. He noted that this is particularly evident in collective sales, where fragmented ownership leaves little room to price properties at market-realistic levels.
Nevertheless, recent strong sales at luxury launches have helped bridge this gap. The 301-unit, 99-year leasehold condominium, UpperHouse, developed by UOL and Singapore Land Group, saw 63% of its units sold since mid-July at an average price of $3,356 psf.
Wing Tai Holdings’ River Green in prime District 9 also experienced strong sales during its launch weekend, with 88% of its 524 units sold at an average price of $3,130 psf.
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Sculptura Ardmore also saw a record-breaking sale in July when a 3,326 square foot, four-bedroom unit on the 26th floor sold for $20 million, setting a new benchmark for both the luxury freehold development by SC Global Developments and the Ardmore Park neighborhood. This 36-story tower, completed in 2014, remains one of the most sought-after addresses in the area.