The 16,160 sq ft site near the upcoming Katong Park MRT station has an asking price of between $22 million and $24 million. (Photo: JLL)
A prime bungalow site off Meyer Road in District 15 has been put up for sale by expression of interest (EOI) with an asking price of between $22 million and $24 million.
This works out to a land rate of about $1,361 psf to $1,485 psf, revealed marketing agent JLL.
With a land area of approximately 16,160 sq ft, the property at 12 Broadrick Road, which is being sold by the trustees of the late owner, may be subdivided and redeveloped into two or three adjoining bungalow plots, subject to the relevant authorities’ approval.
In fact, the vendors have received “interest and enquiries from parties looking for smaller plots of land for their own occupation” when the property was put up for sale earlier in January. However, the offers received then were below the vendors’ asking price.
“Over the years, many of the larger plots in this area have been redeveloped into multiple bungalows of smaller land areas,” noted JLL.
The freehold property is located near Katong Park MRT station on the upcoming Thomson-East Coast Line, which is set for completion in 2023.
“The Katong bungalow market has seen steady trading activity this year, where some eight bungalow plots have changed hands within the first five months of 2018. The most recent sale was that of 59 Wilkinson Road, a 11,227 sq ft plot that was sold for $15.88 million, or approximately $1,414 psf in May this year,” noted Karamjit Singh, senior consultant at JLL.
The EOI exercise for the property closes on 9 July.
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