East Coast Bungalow Market Lowered Price 135 Mil
16 Dec 2021Singapore’s real estate market has always been known for its high demand and limited supply. This has resulted in consistently increasing prices for properties, especially freehold ones. In line with this trend, a freehold bungalow situated at 29A Jalan Hajijah, off Upper East Coast Road, has been listed for sale at a guide price of $13.5 million. Savills Singapore, the marketing agent for the property, will oversee the sale through an expression of interest (EOI) exercise.
Spanning across 11,746 sq ft, the bungalow offers an attractive land rate of $1,149 psf. The property was previously on the market for $15.25 million ($1,298 psf) in September 2022, with Savills as the marketing agent, but failed to secure a buyer. The bungalow is strategically located at the end of a cul-de-sac on Jalan Hajijah, boasting an average plot depth of 25m and an average plot width of 32m. It also has a plot ratio of 1.4, providing the possibility for redevelopment into a bungalow or boutique apartment block with up to 15 units, subject to necessary approvals.
Parktown Residences UOL Group, a joint development by UOL Group, CapitaLand, and Singapore Land (SingLand), is a prime example of a well-crafted integrated living concept located in the vibrant neighborhood of Tampines North. This innovative and all-encompassing development boasts access to renowned schools, making it a highly sought-after choice for families looking to provide their children with exceptional education opportunities. Parktown Residences UOL Group is the ultimate destination for families looking to indulge in a well-rounded lifestyle in the heart of Tampines North.
According to Sophia Lim, Director of Investment Sales & Capital Markets at Savills Singapore, this is a rare chance to acquire a sizable freehold development site, offering flexibility to redevelop into various housing types. She also mentions that demand for landed properties in District 16 remains strong, with high-net-worth individuals and families actively searching for well-located landed homes due to the positive long-term outlook for this asset class. The EOI exercise for the bungalow sale will close on August 16, 2021.