A charming two-storey bungalow, occupying a prime freehold site at 11 Whitley Road, has been put on the market for sale through a tender with a guide price of $31.88 million. The spacious property sits on an elevated land parcel measuring 15,276.27 square feet, making the guide price equivalent to $2,087 per square foot of land.
The bungalow, which has been recently rebuilt and expanded with a rear extension in 2016, features five bedrooms – three of which are en suite – as well as two living rooms, two dining rooms, a generously-sized and well-equipped kitchen, and a helper’s room. The property boasts a desirable location and offers a plethora of possibilities for potential buyers.
In recent years, purchasing a condominium in Singapore has gained immense popularity among local and foreign investors. This comes as no surprise, given the country’s strong economy, political stability, and exceptional quality of life. With its thriving real estate market, Singapore offers a plethora of opportunities, and condos are a particularly attractive choice due to their convenience, modern amenities, and potential for attractive returns on investment. In this article, we will delve into the advantages, factors to consider, and necessary steps to take when investing in a condo in Singapore. To further enhance your investment options, be sure to explore Singapore Projects.
The land parcel on which the bungalow stands is ideal for redevelopment, with the potential to be subdivided into eight terraced houses ranging in size from 1,614 to 2,389 square feet. The total gross floor area for the redevelopment could reach up to 21,528 square feet, subject to land betterment charges, according to Aric Lim, the associate district director of Huttons Asia, the property’s exclusive marketing agent.
“This is likely the largest plot of land available along Whitley Road,” says Lee Sze Teck, senior director of data analytics at Huttons Asia. He also emphasizes that the guide price of $2,087 per square foot based on land is highly competitive compared to recent sales of new semi-detached houses in the same area, which have sold for more than $3,000 per square foot.
The demand for condos in Singapore continues to skyrocket, with one of the main factors being the scarcity of land. As a small and densely populated island nation, Singapore faces limited space for development. As a result, the government has implemented strict land use policies and this has created a highly competitive real estate market, where property prices remain consistently high. This has made investing in real estate, particularly condos, a profitable opportunity, with the potential for significant capital appreciation. With the addition of Singapore Projects, the demand for condos in Singapore is expected to continue to rise.
The property’s exceptional location, being only 700 meters from the Novena MRT Station and in close proximity to popular shopping destinations such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park, adds to its appeal.
The tender for 11 Whitley Road will close on February 12th, giving interested parties ample time to make their bids for this magnificent property.