A prime bungalow plot off Meyer Road has been put up for sale by tender by the trustees of the estate of the late owner, announced JLL the sole marketing agent. The freehold property is located on 12 Broadrick Road and sits on a 16,160 sq ft plot. The asking price is $22 million, reflecting a land rate of about $1,361 psf on the land.
The neighbourhood was first occupied by British, Eurasian, Jewish, and Peranakan communities in the 1950s and 60s. The Katong area then was a stretch of sandy beaches lined with grand bungalows where wealthy families would retreat during the weekends, recounts Karamjit Singh, senior consultant at JLL.
Over time many of the larger plots in the area have been redeveloped into multiple bungalows of smaller land areas; 12 Broadrick Road may be subdivided and redeveloped into a maximum of three bungalow plots, subject to approval from planning authorities, says Singh.
The bungalow is situated in a cluster of about 140 two-storey bungalows - bounded by Meyer Road, Mountbatten Road, and Crescent Road - that have been safeguarded for detached houses with a minimum land area of 4,306 sq ft.
Singh notes that only 19 houses changed hands over the last seven years, an average of less than three per year, he says.
Besides developers, Singh also expects interest from wealthy families who may wish to retain the land for just one or two bungalows for their extended families. Individual buyers may form partnerships to make a joint bid, he adds.
The property will be served by the Katong Park MRT station on the planned Thomson-East Coast Line.
The tender will close on March 7.
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