Freehold bungalow on Kew Drive sold for $16.3 mil
The former homeowners of 26 Kew Drive have inhabited the presenting six-bedroom, 6500 sq ft property since it was constructed over 30 years ago. In March this year, the house was put up for sale via a tender exercise by OrangeTee & Tie with an overview cost of $18 million. The tender closed up on April 14 without getting a buyer.
Caveats lodged tv show that the former high was the deal of a bungalow on Kew Drive inhabiting a property land area of 11,857 sq ft in December 2017. The property fetched $10.55 million or $890 psf on the acreage. One of the most recent deal for a detached home in the area occurred on Jan 13, 2022 the second a bungalow on Kew Terrace with a land area of 4,496 sq ft switched hands for $3.58 million ($796 psf). Before that, a bungalow on Kew Drive with a land area of 8,279 sq ft brought $6.38 million ($771 psf) on Jan 6, 2022.
The real estate is a 10-minute walk to Bedok Food Centre and also a five-minute drive to Siglap Community Club, that has retail industry offerings, involving a Sheng Siong Supermarket, a McDonald’s dining establishment plus an Anytime Fitness fitness center. 26 Kew Drive is also placed inside of 1km of Temasek Primary School and Temasek Secondary School.
The buyer subsequently checked out some other landed real estates however could not discover a place that matched their demands. “They like this plot [at 26 Kew Drive] offered its measurements and even redevelopment potential, as well as the reality that it is in just strolling distance of public transportation features,” he mentions. The house is a four-minute walk from the Upper East Coast Bus Terminal and less than a 10-minute walk from the upcoming Bedok South MRT Station on the Thomson-East Coast Line.
Given their interest for the site, the customer, that is a Singaporean, secured an increased offer of $16.3 million. See states they plan to take apart the existing residential property and also construct a brand-new one from scratch. Based on URA’s Master Plan 2019, the location is marked for a landed development of as much as 3 floors. Situated at the end of a dead end, the raised site suggests the new house would certainly have views of the surrounding landed estate.
A property bungalow around Kew Drive, off Upper East Coast in District 16, has actually been realized $16.3 million. Based upon the freehold land site of 14,376 sq ft, this works out to $1,134 psf. Mey Lim and Lawrence See of GCB Collective, a team of bungalow professionals in Huttons Asia, agented the transaction. In terms of absolute rate, this is the highest possible ever for a home in the Kew assets, mentions See.
The buyer of 26 Kew Drive had been searching for a landed real estate in the location for “fairly some time”, states See. They had actually made a proposal for the property a year back at $16 million, but the past proprietor chose not to continue with the deal at that cost.