SINGAPORE (EDGEPROP) - Three adjoining freehold bungalows at Chancery Hill Road and Dyson Road have been launched for sale by tender, with an indicative price of $60 million. According to a press release from the marketing agent, Cushman & Wakefield, the properties will be sold in an estate sale, and the proceeds will go to the beneficiaries of the estate, which are charities.

The sale will be conducted on an as-is-where-is basis for all three vacant bungalows. Cushman & Wakefield says interested buyers may bid for one or multiple bungalows. “The buyer can either redevelop the bungalows for owner occupation, or developers could turn them into a boutique, exclusive luxury housing development with a combination of terrace houses, semi-detached houses or bungalows,” says Shaun Poh, executive director of capital markets at Cushman & Wakefield.

The three bungalows are in the exclusive Chancery Hill Road/Lane neighbourhood — a two-storey, mixed-landed housing area — in prime District 11. “The neighbourhood has been setting price benchmarks, with several recent transactions crossing $3,000 psf,” adds Poh.

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The area is close to shopping malls at Novena, such as Velocity at Novena Square, Square 2, and United Square. Healthcare facilities at the nearby Mount Elizabeth Novena Hospital and Tan Tock Seng Hospital are also in the vicinity. Schools nearby include Anglo-Chinese School (Barker Road), St Joseph’s Institution, and Singapore Chinese Girls’ School.

The tender for the sale of the three bungalows will close on March 21.

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