Archive for category: Misc

New owners of The Avenir to enjoy discounted prices for condo units in NewtonTwo 999-year leasehold residential sites on Newton Road sold together for $18 million

A grand eight-bedroom bungalow sits within the prestigious Bukit Tunggal Good Class Bungalow (GCB) area in prime District 11. Located on the desirable Gentle Road, the property occupies an expansive 7,660 sq ft freehold regular plot.

This stately double-storey bungalow boasts a built-up area of 9,500 sq ft, including an attic and basement. The property is now available on the market for $20 million, translating to $2,611 psf based on its generous land size. Marketing the bungalow is the joint effort of Alvin Tan from JNA Real Estate and Loyalle Chin from ShophouseHuat, both of whom belong to the PropNex Realty group.

Upon arrival, a 20m frontage along Gentle Road greets homeowners and guests. The expansive car porch can accommodate up to six cars, making it a convenient feature for homeowners who have multiple vehicles. The property has been unoccupied for the past two months.

However, an open house is set to be held for the weekend of August 30 and 31.

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Firstly, the first level of the bungalow comprises a living room, dining room, kitchen, and two bedrooms. A unique feature of this bungalow is the two-storey glass window on its west side that frames the glass lift and spiral staircase, allowing natural light to shine through the interior during the day. Additionally, there is a 15m dipping pool situated on the opposite side of the house, making for a great form of relaxation for homeowners.

The basement of the bungalow comprises an entertainment floor where you will find an enclosed gym, music room, games room, and a home theatre. This is an ideal floor for your family and friends to enjoy with its wide range of entertainment options.

On the first floor, you will find the living room, dining room, and both wet and dry kitchens that open onto the service yard at the rear. This level also comes with two bedrooms. Three en suite bedrooms, including the master, are located on the second floor. The master bedroom spans the whole width of the house, allowing for a spacious walk-in wardrobe, space for a king-size bed, and a study/lounge area.

The attic of the bungalow consists of three more en suite bedrooms. Residents can also take advantage of the south-facing open-air verandah that offers a stunning view of the surrounding landed estate of Novena. From this vantage point, residents can also catch a glimpse of landmarks such as Revenue House, Novena Square, and Royal Square at Novena.

According to Alvin Tan, an associate director of PropNex Realty, the excellent location of this property is one of its most appealing characteristics. Not only is it situated within the Bukit Tunggal GCB area, but it is also near numerous top primary schools, including Anglo-Chinese School (Primary) and St Joseph’s Institution Junior, which are both within a 1km range.

Other exceptional primary schools in the vicinity, within a 2km radius, are CHIJ Primary (Toa Payoh), Farrer Park Primary School, Hong Wen School, Singapore Chinese Girls’ Primary School, and St Margaret’s School. Therefore, this landed estate is the perfect location for families with children, as there are several reputable schools nearby.

Given the prime location of this bungalow, Loyalle Chin, associate group district director at PropNex Realty, believes that the $20 million price tag for this property is a rare opportunity for interested buyers to own a home in the GCB area and still be near renowned schools. She also notes that the upcoming HealthCity near Novena adds to the property’s long-term value proposition.

Tan adds, “The bungalow’s competitive asking price of $20 million is a rare opportunity for buyers looking for a home in the GCB area within District 11. Currently, most bungalows in this area are being sold at a much higher price.” He also mentions that this price is equivalent to the cost of building a new detached house in the vicinity, but this one comes with an even larger land size.

He continues, “Moreover, most home buyers of landed properties prefer to purchase homes that are ready for occupancy with minimal renovations as the cost of construction is high, and the redevelopment timeline is long.” Hence, the bungalow is in a move-in condition and features an efficient layout that maximises its site. It has also been maintained well over the past 14 years.

According to Tan, if the new owner decides to renovate the property, it would cost approximately $950,000. However, the overall cost of renovation may increase, depending on the materials, fittings, and fixtures used.

“We have received positive buying interest from different types of buyers, including families with young children who want to be near schools in the area, as well as retirees from the neighbouring GCBs,” Tan reveals.

What adds to the appeal of this property is its location within a mixed landed housing estate off Newton Road. According to caveats lodged, the most recent transaction in this neighbourhood involved a freehold semi-detached house at 1D Buckley Road that was sold for $8.8 million in August last year. This house occupies a land size of 2,997 sq ft and was built in 1997.

Three months before that, a different semi-detached house on a freehold land of 8,174 sq ft at 43 Gentle Road was sold for $14.28 million, translating to $1,747 psf. This site was purchased by property developer Pinnacle Assets at $15.75 million in 2019, which was brokered by Knight Frank Singapore. Pinnacle Asset split the freehold land into two and is redeveloping the current site into two new semi-detached houses that will soon be on the market. This area’s neighbouring semi-detached house at 43A Gentle Road also has a freehold land of 4,060 sq ft and was recently sold for $14.4 million, which is a whopping $3,547 psf, according to a caveat lodged in February this year.

The luxury condo that has made this area a hotspot of attention is 32 Gilstead, a 14-unit development by Kheng Leong Co. Since its launch in April 2019, 11 units have been sold, translating to 79%. The latest unit was sold in June this year, and it boasts an impressive 4,219 sq ft, four bedrooms, and resides on the third floor. The property was sold for an impressive $15 million, translating to $3,555 psf.

This luxury condo by Kheng Leong is a development of two bungalows that stood on a combined land size of 43,457 sq ft. The company bought the land for $70 million in 2019.

Chin mentions, “Looking ahead, it is possible that financing costs may ease in the second half of this year, coupled with a meagre supply of available bungalows on the market going for less than $20 million, we anticipate that ultra-high net-worth families and newly minted Singaporeans will being to be more active in the GCB and bungalow market.” She emphasises that this freehold property stands out in this prestigious area, especially with the appealing asking price of $20 million.

The most recent bungalow transaction in the Bukit Tunggal GCB area happened in December 2017 when a 20,355 sq ft freehold land plot was sold for $26.5 million ($1,302 psf). The previous resales in this area include a 10,516 sq ft bungalow site at 15 Bukit Tunggal that was sold for $17.5 million ($1,665 psf) in May 2013. Tan concludes that few GCBs in this area come up for sale, as its homeowners prefer to hold onto their properties. Therefore, buying property in this area is an exclusive opportunity.

Tan says, “Overall, buying sentiment in the landed market is more positive compared with the start of this year, especially as the direction of interest rates has significantly cleared up.” He also mentions that there is still a lot of uncertainty surrounding the global economic situation, which has made home buyers cautious.

He sums up his opinion saying that “demand for landed homes in Singapore remains remarkably resilient, particularly among price-sensitive buyers who see strong value in smaller bungalows within GCB areas or other sought-after neighbourhoods.”

Therefore, based on the $20 million price tag, Tan is confident that this property will catch the “immediate interest” of serious buyers.