Raffles Park bungalow going for $22 mil

By Lin Zhiqin / EdgeProp | December 5, 2017 8:00 AM SGT
So far this year, there have been 1,691 transactions for landed properties, 42% more than for the whole of last year. It is also 72% higher than the transaction volume in 2015.
“The market has improved and there is more activity this year,” says George Lee, CEO of Myriad Realty, who has brokered the sale of close to 10 landed properties this year.
One of the transactions Lee brokered was the sale of a detached house in the Cluny Hill Good Class Bungalow (GCB) area for $22.888 million in June. Cluny Hill is next to the Singapore Botanic Gardens.
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Lee: I foresee the total number of GCB transactions to hit the 40 mark by end-December
On the other side of the Botanic Gardens is the Cluny Park GCB area, where a bungalow on a 20,236 sq ft site was sold on Nov 15 for $34.5 million, according to URA caveat data. Lee is marketing a bungalow in the vicinity, which has a $29 million asking price. The five-bedroom house sits on a 15,000 sq ft site and was renovated two years ago. Properties in Cluny Park are sought after owing to their proximity to the Botanic Gardens, says Lee. “Another selling point is the serene surroundings,” he adds.
The bungalow at Raffles Park has a $22 million price tag
In Raffles Park, a GCB area located off Eng Neo Avenue and Dunearn Road, is another property that Lee is marketing. The house on Cassia Drive sits on a 10,624 sq ft freehold site and has belonged to the owner’s family for decades, having been passed down through generations. Nine years ago, the family decided to tear down the existing house to make way for a modern bungalow.
The new house has a built-up area of about 12,000 sq ft. The main entrance is at the basement level, which has a car porch that can accommodate four cars. On the ground level are the living and dining areas that open out to the lawn and a 25m swimming pool. Also on this level are the kitchen, a bedroom currently used as the family study and an entertainment room. According to Lee, the house is elderly- friendly, as passengers can be dropped off by car at the ground floor via the back gate — a feature of the property’s corner site, which has three frontages. Future owners of the house can easily have a lift installed, as an area next to the back gate has been set aside for an elevator shaft, adds Lee.
The living space on the ground floor opens out to the lawn and pool
The second level houses the master bedroom, which has a walk-in wardrobe and spacious bathroom as well as a balcony that offers a view of the Raffles Park estate. There are also four other en suite bedrooms and a family room. The top-most level is the roof terrace, which is ideal for barbecues and gatherings. As the house sits on one of the highest points in Raffles Park, the roof terrace offers an unobstructed view of the city, which is rare for landed homes to have, owing to their low-rise nature, says Lee.
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According to him, the house was renovated three years ago. The owners have decided to move to another bungalow in the Newton area and have proposed to sell the house for $22 million. In the two months it has been on the market, the property has attracted the attention of several prospective buyers, including “one who is quite interested”, says Lee.
The property sits on an elevated site and has a view of the city
Many of the residents in Raffles Park own multiple houses in the same estate, says Lee. “I have two clients who live here and they have each bought another house. And they want to buy more, to pass down to the next generation or as investments.”
According to Lee, at least 33 GCBs, often called the crème de la crème of Singapore residential property, have been sold so far this year. There are another two or three upcoming transactions where options have been issued, he adds. “I foresee the total number of GCB transactions to hit the 40 mark by end-December. Buyers are more confident about entering the landed market,” notes Lee. “Some have been waiting on the sidelines for a while and have decided not to miss the chance since the market looks like it’s picking up.” He expects transaction volume to increase further next year.
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