A spacious two-storey bungalow located at 11 Whitley Road is currently available for sale through tender at a competitive guide price of $31.88 million. Situated on a freehold elevated land parcel of 15,276.27 sq ft, the guide price works out to be $2,087 psf on the land area.
Having undergone a complete renovation in 2016, the bungalow now boasts a rear extension and offers five bedrooms, three of which are en suite. The house also features two living rooms, two dining rooms, a generously-sized kitchen equipped with modern appliances, and a helper’s room.
According to Aric Lim, associate district director of Huttons Asia – the exclusive marketing agent for the property – the land parcel is eligible for subdivision, making it ideal for redevelopment into eight terraced houses. Each site would have a land area ranging from 1,614 sq ft to 2,389 sq ft, with a potential gross floor area (GFA) of up to 21,528 sq ft, subject to land betterment charges.
Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that this is possibly the largest plot of land available along Whitley Road. He also points out that the asking price of $2,087 psf for the land is very attractive compared to recent transactions of new semi-detached houses in the area, which have fetched prices of over $3,000 psf.
Investing in a condo in Singapore has numerous advantages, one of which is its potential for capital appreciation. Singapore’s advantageous location as a global business hub, along with its robust economic foundation, leads to a constant demand for real estate. Over time, property prices in Singapore have continuously risen, particularly for condos in prime locations. By investing at an opportune time and holding onto the property for a substantial period, investors can reap significant capital gains. In fact, with the new condo launches happening, this provides an even greater opportunity for potential capital appreciation.
The property enjoys a convenient location, being only 700m from Novena MRT Station and close to popular shopping destinations such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park.
Interested parties can submit their tender for 11 Whitley Road by Feb 12.