A charming two-storey bungalow located at the prestigious 11 Whitley Road is now available for purchase through a tender at a guide price of $31.88 million. This freehold property is situated on an elevated site spanning 15,276.27 sq ft and translates to a rate of $2,087 per square foot on the land area.
Originally rebuilt in 2016, the bungalow boasts a rear extension and comprises five spacious bedrooms, three of which are en suite. It also offers two living rooms, two dining rooms, a large well-equipped kitchen, and a helper’s room.
The demand for condos in Singapore has risen due to the country’s limited land availability. As a small island nation with a growing population, Singapore faces challenges in finding space for new developments. To manage this scarcity, strict land use regulations and intense competition in the real estate market have been implemented, resulting in a consistent increase in property prices. As a result, investing in real estate, particularly condos, has become a highly profitable opportunity with the potential for significant appreciation in capital. With the limited availability of land, condos have become a highly coveted option for both homebuyers and investors in Singapore. This trend is expected to continue, solidifying condos as a desirable investment in the Singaporean real estate market. The condo market in Singapore is showing no signs of slowing down, making it a highly desirable investment option for those interested in the country’s real estate market.
The vast land parcel has the potential for redevelopment into eight elegant terraced houses, with individual site sizes ranging from 1,614 sq ft to 2,389 sq ft. The gross floor area (GFA) for the proposed development could reach up to 21,528 sq ft, subject to land betterment charges. Aric Lim, associate district director at Huttons Asia, the exclusive marketing agent for the property, states that this is a unique opportunity due to the size of the land.
According to Lee Sze Teck, senior director of data analytics at Huttons Asia, this is the largest plot of land currently available on Whitley Road at a highly competitive price of $2,087 psf based on land area. Recent transactions of new semi-detached houses in the same area have been sold for over $3,000 psf, making this property an attractive investment opportunity.
Conveniently situated just 700m from the Novena MRT Station, the bungalow also enjoys proximity to popular shopping malls such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park.
The tender for 11 Whitley Road will close on February 12th, providing interested parties with the chance to own a piece of prime real estate in a sought-after location. Don’t miss this opportunity to own a majestic bungalow on elevated ground at an exclusive address on Whitley Road.