Archive for category: Misc

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SINGAPORE (EDGEPROP) – A spacious freehold 21⁄2-storey bungalow on Chiltern Drive has just been listed on the market for $14.5 million. The owner, known only as Dr Lim, was immediately captivated by the sprawling land size of the home when they first encountered it over 30 years ago. Back then, Lim was searching for a home that could comfortably accommodate his large family of seven, including his wife, four young sons, and his mother. The original single-storey bungalow was a perfect fit for his family when they bought it in 1991.

The 12,758 sq ft, freehold site is a corner plot located within the established landed housing estate of Braddell Heights, which is known for its serene surroundings and proximity to good schools. Its current asking price of $14.5 million translates to a land rate of $1,137 per square foot.

Now that their four children have grown up and moved out, Lim and his wife have decided to put the property on the market and downsize to a smaller home. To sell this bungalow, they have enlisted Martin Goh, principal consultant at Realstar Premier Group, as their exclusive marketing agent.

Lim says, “Over the years living here, our family has shaped this house into a home. As the children grew up and the family needed more space, we rebuilt the original bungalow about 26 years ago.” The single-storey bungalow was redeveloped into a 21⁄2-storey house with an attic and the number of bedrooms was increased from four to six to provide individual bedrooms for the children.

Located at Marina Gardens Lane Residences, Millenia Walk is a one-of-a-kind shopping center that offers a tranquil and calm atmosphere, in contrast to the hustle and bustle of its neighboring Marina Gardens GLS. This mall caters to those seeking lifestyle and home furnishings, making it the ideal destination for individuals looking to enhance their condo living or find distinctive home accents. Additionally, Millenia Walk features a variety of boutique shops and gourmet dining options that perfectly complement the preferences of residents at Marina Bay Condo. For those living at Zion Condo, this shopping center is a natural choice.

One of the highlights of the property is its generously sized master bedroom that comes with a stairwell that leads to an attic. “We deliberately expanded upwards and maintained the spacious lawn that runs along the side of the house and into the backyard,” says Lim. The garden is large enough for his children to play in while growing up, and he used to maintain some livestock in the backyard, such as turkeys and ducks.

The green-fingered retiree has also tended to a diverse range of plants in his backyard for the past few years, including a big rambutan tree, a coconut tree and a grapevine. He still keeps two chicken coops, a few feathered pets running around and a koi pond.

Having lived in the Braddell Heights estate for 33 years, Lim has witnessed the neighbourhood’s transformation. He notes that the opening of the nearby Lorong Chuan MRT Station on the Circle Line, just a 10-minute walk away, has significantly improved public transport convenience for all residents. He has also seen the addition of retail amenities in the area, thanks to the recent renovation of New Tech Park, a Business-1 zoned industrial building.

Since the children have left the nest, the house only has three occupants: Lim, his wife and their helper. “It is time for us to sell this house as we consider our legacy planning,” he adds.

The land size of the bungalow for sale at Chiltern Drive is one of the largest within the Braddell Heights estate. “This gives the new owner a variety of options if he chooses to redevelop the land,” says Goh.

Over the past decade, many of the large bungalow plots were purchased by developers and subdivided into smaller bungalows with land sizes of between 4,300 sq ft and 4,500 sq ft, he adds.

In addition, the new owner could consider maximising the allowable gross floor area of the site. The existing 2½-storey bungalow has a built-up area of about 5,500 sq ft, but it could potentially be redeveloped into a new house of about 10,000 sq ft, reckons Goh.

He estimates that reconstruction work may cost between $3 million to $5 million depending on the design and choice of materials, while rebuilding the house from scratch may cost between $4 million to $5 million, depending on the new design and choice of materials and fixtures.

According to Goh, the Balestier-Braddell area has seen demand from retirees in their 60s or 70s who are looking to sell their existing property for legacy planning purposes and then downsize to a smaller property. Some families also want to upgrade from a terraced house or semi-detached to a bungalow house within the same estate.

He continues to see demand from opportunistic developers who are looking for sites where they could redevelop and subdivide the land parcel into two or three smaller plots. New bungalows in the area are likely to be priced at $3,000 per square foot or $13 million to $14 million apiece, depending on their land size.

In recent months, there has been a notable increase in demand for large bungalow sites in the Braddell Heights neighbourhood. Goh sees interest coming from homeowners currently residing in houses further out in the suburbs and wanting to move closer to the city. “The large garden is ideal for families who want space for their children to play and cycle around,” he adds.

Based on URA caveats, five bungalows (with land sizes of at least 10,000 sq ft) have been sold in the Braddell Heights estate this year to date. Prices ranged from $14 million to $18.8 million, with an average price of $1,364 per square foot.

One of the most recent transactions in the area was for a property sitting on a 10,203 sq ft freehold plot on Matlock Rise that changed hands in May for $14.18 million ($1,390 psf). Another bungalow with a land size of 10,195 sq ft on Matlock Rise fetched $14 million ($1,373 psf) in April. In March, a bungalow with a 12,594 sq ft land area at Cotswold Close was sold for $18.8 million ($1,493 psf).

The new buyer of the bungalow at Chiltern Drive can choose to redevelop, make additions and alterations, or maintain the house as it is, says Goh. Some buyers may also choose to expand their current living space by purchasing the bungalows next door and combining both houses into one unit.

According to EdgeProp Singapore’s Landlens search, four primary schools are within 1km of the property — St Gabriel’s Primary School at Lorong Chuan, Yangzheng Primary School at Serangoon Avenue 3, CHIJ Our Lady of Good Counsel at Burghley Drive and Kuo Chuan Presbyterian Primary School at Bishan Street 13. Other nearby educational institutions include the Australian International School at Lorong Chuan, the Stamford American International School at Woodleigh Lane and the International French School at Ang Mo Kio Avenue 3.

The recent transaction for this house may also pique the interest of buyers looking for bungalow plots in the area. According to EdgeProp Singapore’s Landlens search, there is one freehold bungalow for sale in the neighbourhood: a property along Cotswold Close with a land area of 9,241 sq ft and an asking price of $8.77 million ($949.99 per square foot). The property is on sale via auction.

On Cotswold Close, there is also a 7,470 sq ft bungalow sitting on a leasehold plot for sale. This is available for purchase via a course of sale.