FRX Capital redevelops Grove Drive semi-D into $19.8m bungalow
The bungalow at 8 Grove Drive is a redevelopment of a former semi-detached house (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Oliver Siah, co-founder of boutique developer FRX Capital – an affiliate of Tong Eng Group and Hong How Group — lives in the Holland neighbourhood of prime District 10. A former student of Henry Park Primary School, he is very familiar with the area.
In 2023, Siah came across a semi-detached house at 8 Grove Drive, just a three-minute drive from his home. Located within the Henry Park estate in prime District 10, the house was built in 1977 and was already 46 years old.
What caught Siah’s attention as a developer, however, was the plot size. The property sits on a 5,321 sq ft site with a 999-year lease — a combination that translated into an opportunity to redevelop the site into a bungalow.
Artist’s impression of the living room (Credit: FRX Capital)
The actual living room of the newly completed house
Under URA’s development control guidelines published in July 2019, the minimum plot size for a bungalow outside the Good Class Bungalow Areas is 400 sq m (4,306 sq ft), with a minimum width of 10m. The property at 8 Grove Drive comfortably met these criteria, and FRX Capital paid $10 million for the semi-detached house, according to a caveat lodged in June 2023.
The original house was demolished and redeveloped into a two-storey bungalow with an additional attic and basement, totalling 12,110 sq ft in built-up area. The home features a 15.2m by 2m lap pool, a lift serving all floors, five en suite bedrooms and a three-car porch. The house is expected to obtain its Temporary Occupation Permit (TOP) soon.
FRX Capital appointed DS Architects to design the family home. The first storey houses a spacious living and dining area, along with a dry and wet kitchen. All kitchen appliances are from Swiss brand V-Zug, while the bathrooms are fitted with high-end German sanitaryware brand Duravit. The dining area is large enough for a 10-seater round table and includes space for a bar. There are also two separate access points into the wet kitchen — one from the dining area, and the other from the dry kitchen.
Artist’s impression of the dining room and the dry kitchen (Credit: FRX Capital)
The wet kitchen, fully fitted with V-Zug kitchen appliances (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Capitalising on the site’s sloping terrain
The house was designed to follow the site’s sloping terrain, creating a natural basement level at the rear. This made it ideal for entertainment spaces, including a family room with glass sliding doors that open directly onto the lap pool. At the rear of the property are the helper’s room, utility area and yard.
The drain that previously ran along the back of the house has been covered over, allowing the yard to be extended to the property boundary. Since 2018, URA has permitted new landed houses to cover over drains, subject to prior approval from the relevant authorities, primarily PUB, Singapore’s national water agency.
Artist’s impression of the basement level family room (Credit: FRX Capital)
The family room in the basement level, opening out to the lap pool (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The swimming pool and pool deck, with the yard on the left
The second storey is anchored by a spacious master suite that occupies at least half the floor plate. It comes with a master bathroom, a generous walk-in wardrobe, and a sitting area that can also be used as a study or home office. It opens out to a private balcony, with a view of the sur-
rounding neighbourhood. Two other en-suite bedrooms are located on this level.
At the attic level are two additional bedrooms: one en-suite room and a junior master suite that opens onto an outdoor roof terrace. “The neighbourhood is very quiet and exclusive,” says Siah. “You have a nice east-facing view from here, and a lot of privacy.”
The bungalow is on the market for $19.8 million, or $3,721 psf based on land area. Siah expects demand to come primarily from multi-generational families. “It’s ideal for parents who want their children to attend Henry Park Primary School,” he says. “It’s also just a seven-minute walk to Jelita Mall, which has a 24-hour Cold Storage supermarket, an air-conditioned food court and cafes.”
Artist’s impression of the master suite (Source: FRX Capital)
The master suite on the second level with an open roof terrace (Photo: Samuel Isaac Chua/EdgeProp Singapore)
View from the second-level master suite of the bungalow at Grove Drive (Photo: Samuel Isaac Chua/EdgeProp Singapore)
New housing estates in Dover and Mount Sinai
Ghim Moh Market and Food Centre is a short bus ride away, while Dover MRT Station on the East-West Line is about a 15-minute walk.
Siah also expects interest from buyers already living in the neighbourhood. “It appeals to families who have lived here for many years,” he says. “Instead of redeveloping their old house, they can move into a brand-new one.”
View of the Grove Drive neighbourhood, with the new upcoming HDB estate in the Dover area in the distance (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Beyond immediate amenities, the neighbourhood is also set to benefit from major public housing developments nearby. Grove Drive is located within the wider Holland area near Mount Sinai, where the former Raffles Junior College (RJC) campus was demolished in 3Q2025. The site will be redeveloped by HDB into a new residential estate, including public housing, as well as retail spaces, a childcare centre, and a school.
Nearby, the former ITE headquarters and Dover Campus, which operated from 1995 to 2010, are also being redeveloped into a major HDB estate as part of the URA Dover–Medway Master Plan. The project, which aims to create a vibrant work-live-play neighbourhood, could yield about 1,300 new build-to-order (BTO) flats.
Recent bungalow sale at Shepherd’s Hill Estate
The newly completed bungalow at Merino Crescent in Shepherd’s Hill Estate was sold for $15.078 million in November (Photo: Samuel Isaac Chua/EdgeProp Singapore)
In late November, FRX Capital sold another newly completed bungalow at 3 Merino Crescent in Shepherd’s Hill Estate, off Stirling Road.
Launched for sale in July at $16.888 million, the property fetched $15.078 million ($2,925 psf), based on a caveat lodged on Nov 23.
The Shepherd’s Hill bungalow is a five-storey property (including basement and attic) with a built-up area of 13,615 sq ft on a freehold site of 5,155 sq ft. FRX Capital acquired the site in October 2023 for $7.5 million.
The newly completed Mount Rosie Signature Collection has four terraced houses bookeneded by two bungalows (Photo: Samuel isaac Chua/EdgeProp Singapore)
At the Mount Rosie Signature Collection on Mount Rosie Road, off Chancery Lane, all four terraced houses have been sold at prices ranging from $9.579 million ($3,850 psf) to $12.38 million ($3,315 psf), based on caveats lodged.
The project is bookended by two seven-bedroom bungalows with basement carparks that can accommodate up to 12 cars. The larger bungalow was sold in November 2023 for $33.89 million ($3,081 psf). The remaining bungalow, on a 7,636 sq ft site with a built-up area of 16,031 sq ft, is currently on the market for
$25.888 million ($3,390 psf).
Only one bungalow at Mount Rosie Signature Collection is available for sale at $25.888 million ($3,390 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
Track record in landed redevelopment
The Grove Drive bungalow is part of FRX Capital’s broader strategy to unlock value through the redevelopment of old, landed property.
In the Bukit Timah area of prime District 10, FRX Capital also acquired and redeveloped a semi-detached house on a freehold site of 3,226 sq ft at Redwood Avenue. The property was purchased for $6.8 million ($2,108 psf) in September 2022, redeveloped and sold in December 2024 for $12.1 million ($3,751 psf), based on caveats lodged.
Most of FRX Capital’s houses are typically sold within two to three years from the time of site acquisition. “When it comes to landed property — especially bungalows priced between $20 million and $30 million — buyers prefer to wait until the house is completed, so they can fully appreciate the space,” says Siah.
Earlier, in October 2020, FRX Capital purchased a freehold bungalow site at Jalan Novena Selatan in prime District 11 for $7.2 million. The site was redeveloped into a pair of semi-detached houses. One of them was sold for $7.78 million ($3,294 psf) in July 2023, while the other went for $7.59 million ($3,053 psf) the following month, according to caveats lodged.
Beyond prime districts, FRX has also been targeting value opportunities in established private housing estates in the city fringe and suburbs. For instance, the firm redeveloped a semi-detached house at Kingswear Avenue in Serangoon Gardens and sold it for $8.3 million ($2,203 psf) in May 2024.
FRX Capital just launched a series of three terraced houses at Brighton Crescent in Serangoon Gardens at prices ranging from $6.8 million for an intermediate terraced house to $8.3 million for a corner terraced house (Credit: FRX Capital website)
In March this year, the boutique developer acquired a bungalow at 8 Brighton Crescent in Serangoon Gardens (District 19) for $12.4 million ($1,495 psf), based on a caveat lodged at the time. The freehold site is being redeveloped into three terraced houses at 8, 8A and 8B Brighton Crescent.
The Brighton Crescent project was launched in October. Construction is underway and scheduled for completion in 2Q2027. The two corner terraced houses at 8 and 8B Brighton Crescent sit on land areas of between 3,018 sq ft and 3,107 sq ft, with built-up areas ranging from 7,175 sq ft to 7,257 sq ft. Each comprises two storeys and an attic, with five ensuite bedrooms, and is priced at $7.7 million and $8.3 million, respectively.
The intermediate, four-bedroom terraced house at 8A Brighton Crescent sits on a land area of 2,168 sq ft, with a built-up area of 5,955 sq ft, and is priced at $6.8 million.
In June, FRX Capital also purchased a pair of semi-detached houses at 6 and 6A Glasgow Road, off Yio Chu Kang Road (also in District 19), for $6.5 million each. The properties will be redeveloped into a row of four terraced houses, with sales to begin in 1Q2026.
In June 2025, FRX Capital also purchased a pair of semi-detached houses at 6 and 6A Glasgow Road, off Yio Chu Kang Road, and will be redeveloping them into four terraced houses scheduled for launch in 1Q2026 (Credit: FRX Capital website)
Bungalow prices up 13.8% q-o-q in 3Q2025
In the landed property segment, detached houses or bungalows recorded the largest price increase in 3Q2025, rising 13.8% q-o-q to an average of
$1,942 psf, says Huttons Asia in its landed housing report. Lee Sze Teck, senior director of data analytics at Huttons Asia, reckons it is likely to be driven by the sale of smaller detached homes during the quarter.
The average land size of detached homes transacted in 3Q2025 was 6,436 sq ft — 10.4% smaller than those sold in 2Q2025. In contrast, the average land sizes of semi-detached and terrace homes were largely unchanged q-o-q in 3Q2025.
Beyond landed housing, FRX Capital is also the developer of The Hillshore, a 59-unit boutique private condo in Pasir Panjang launched last year. The firm also holds a stake in the 107-unit freehold Arina East Residences (redevelopment of the former La Ville condo) on Tanjong Rhu Road in prime District 15, alongside ZACD Group and Welltech Construction, a wholly-owned subsidiary of Qingjian Realty.
In February 2025, Fraxtor Group, the blockchain-based real estate investment platform, acquired a 13.5% stake in CapitaLand Development’s upcoming nine-storey food factory in the Kolam Ayer industrial estate, near Paya Lebar, MacPherson and Geylang (Picture: CapitaLand Development)
While Siah remains confident about the residential market, he is equally optimistic about the food factory segment as an alternative growth area. In February, Fraxtor Group — Siah’s other company and a blockchain-based real estate investment platform — acquired a 13.5% stake in CapitaLand Development’s upcoming nine-storey food factory in the Kolam Ayer industrial estate, near Paya Lebar, MacPherson and Geylang. CapitaLand secured the site in November 2024 with a top bid of $368.9 million.
Whether in landed homes or industrial assets, Siah’s approach remains anchored in identifying undervalued sites and unlocking their full potential — a strategy that underpins his confidence in the residential market, while opening up new avenues for growth in the industrial sector.
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