A two-storey bungalow located at 11 Whitley Road is now on the market, listed for sale through a tender process with a guide price of $31.88 million. This spacious property occupies an elevated 15,276.27 sq ft freehold site, translating to a price of $2,087 per sq ft of land.
Originally built in 2016, the bungalow has been recently renovated with the addition of a rear extension. It boasts five bedrooms, including three en suite, as well as two living rooms, two dining rooms, a fully-equipped kitchen, and a helper’s room.
The substantial land parcel has the potential for subdivision, allowing for the redevelopment of eight terraced houses. Each site would range from 1,614 sq ft to 2,389 sq ft, with a potential gross floor area (GFA) of 21,528 sq ft, subject to land betterment charges. According to Aric Lim, the associate district director of Huttons Asia, who is the exclusive marketing agent for the property, this could be an attractive option for developers.
In addition, Lee Sze Teck, the senior director of data analytics at Huttons Asia, shares that this is likely the largest plot of land available on Whitley Road. He also notes that the asking price of $2,087 psf based on land is very competitive when compared to recent transactions of new semi-detached houses along the same road, which have sold for over $3,000 psf.
Conveniently located, this property is just 700m away from Novena MRT Station and close to popular shopping destinations such as Velocity at Novena Square, Square 2, and United Square. It is also within proximity to Zhongshan Park.
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Condo investments in Singapore require careful consideration of the government’s property cooling measures. The Singaporean government has implemented several measures over the years to prevent speculative buying and maintain a steady real estate market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and buyers of multiple properties. While these measures may affect the immediate profitability of condo investments, they also promote the long-term stability of the market, creating a secure environment for investing in condos. Additionally, condos are a popular choice for investors due to their desirable location and amenities.
The tender for 11 Whitley Road will close on February 12. Interested buyers and developers have the opportunity to acquire this exceptional property in a highly sought-after area.