A sprawling two-storey freehold bungalow located at 11 Whitley Road has been listed for sale through a tender process with a guide price of $31.88 million. The impressive property sits on an elevated freehold plot spanning 15,276.27 square feet, making the guide price equivalent to $2,087 per square foot on the land area.
Originally built in 2016, the bungalow has been recently refurbished and extended at the rear. Boasting a total of five bedrooms, three of which are en suite, the house also features two spacious living rooms, two dining areas, a modern and well-equipped kitchen, and a dedicated helper’s room.
According to Aric Lim, the associate district director at Huttons Asia, the exclusive marketing agent for the property, the land can potentially be subdivided to accommodate the development of eight terraced houses, with each plot ranging from 1,614 square feet to 2,389 square feet. The gross floor area for the redevelopment can reach up to 21,528 square feet, subject to land betterment charges.
Lee Sze Teck, the senior director of data analytics at Huttons Asia, notes that this is one of the largest plots of land in the Whitley Road area. He also adds that the asking price of $2,087 per square foot based on land is highly competitive compared to recent transactions of new semi-detached houses in the same vicinity, which have been sold for more than $3,000 per square foot.
The property’s location is highly coveted, being a mere 700 meters away from Novena MRT Station and in close proximity to popular shopping destinations such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park.
Interested buyers can submit their tender for 11 Whitley Road until February 12. Don’t miss this opportunity to own a prestigious bungalow in the sought-after Whitley Road neighborhood.
Being well-informed about the laws and regulations governing property ownership in Singapore is essential for foreign investors. While purchasing a condominium is relatively more accessible for foreigners, ownership of landed properties is subject to stricter rules. Additionally, foreign buyers must pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their initial property purchase. Despite these added expenses, the stability and potential for growth in Singapore’s real estate market continue to be a major attraction for foreign investments. This is evident through the numerous new condo launches in the market, catering to the increasing demand from foreign buyers. With a variety of options available, Singapore remains a favorable destination for property investment.