The property could be redeveloped into a brand new luxurious three-storey bungalow or niche semi-detached or terrace houses, subject to approvals. (Picture: Knight Frank)
SINGAPORE (EDGEPROP) - A freehold bungalow on Fernhill Close in prime District 10 has been put up for sale for more than $22 million, announced the marketing agent Knight Frank. The two-storey house sits on a 7,386 sq ft plot, and the minimum asking price is $2,978 psf.
It is located in a three-storey mixed-landed estate beside the Nassim Road Good Class Bungalow (GCB) area. The bungalow was built in the 1990s and is at the end of a cul-de-sac with a wide frontage of about 40m along Fernhill Close.
According to Knight Frank, the sale represents an opportunity for the buyer to redevelop the site. The exclusiveness of the neighbourhood is enhanced due to its proximity to the Nassim Road GCB area and other landed homes within the Fernhill estate.
The property can be redeveloped into a brand new luxurious three-storey bungalow or niche semi-detached or terrace houses, subject to approval from the relevant authorities. It will also appeal to large multi-generational or extended families looking to build a new home, says Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore.
Based on URA caveats, a record land rate was recently achieved in the neighbourhood when three GCBs at 42, 42A, and 42B Nassim Road were sold for about $4,500 psf in April this year. Cuscaden Peak Investments sold the trio for a total of $206.7 million.
“With buyers remaining resolute in their aspirations to acquire this scarce housing format in high-rise Singapore, a total of S$1.4 billion worth of landed homes was transacted during 1Q2023, reflecting a 28% expansion from the previous quarter,” says Chia.
She adds that buying sentiment in the landed market will remain buoyant, supported by increasing affluence among Singaporeans and new high-net-worth clients. “We anticipate keen interest from homebuyers, investors and developers, given the prime location of the property, its coveted address, and the scarcity of landed homes available for sale in this location.”
The tender for the sale of this bungalow will close on July 25.
Check out the latest listings near Nassim Road, Fernhill Close