A prime landed property along Chancery Hill Road in the Thomson area has been launched for sale by expression of interest (EOI), revealed marketing agent Knight Frank.
The house was put on the market by the estate of the late Professor Arthur Lim. Considered Southeast Asia’s “father of opthalmology”, he played a key role in establishing the Singapore National Eye Centre, Singapore Eye Research Institute, and the Department of Opthalmology at the National University Hospital.
Measuring 12,772 sq ft, the property is zoned “Residential – two-storey mixed landed” under the 2014 Master Plan. Currently, a bungalow sits on the site.
According to Knight Frank, the indicative price is $19 million or approximately $1,488 psf. Last year, two bungalows at nearby Dyson Road and Gentle Road were transacted at $20 million and $13.1 million respectively.
Located close to the retail and medical hubs at Novena and Orchard, the property is also within proximity to Novena and the upcoming Mt Pleasant MRT stations.
Commenting, Mary Sai, Executive Director, Investment & Capital Markets at Knight Frank said: “The prospective buyer can either redevelop it into a luxurious new bungalow, two bungalows for multi-tier families or strata landed housing. Given its redevelopment potential, we would expect strong interest for this property.”
The EOI exercise closes on 21 April 2015.
Photo by Knight Frank.