East Coast Bungalow Market Lowered Price 135 Mil
The prestigious freehold bungalow located at 29A Jalan Hajijah, off Upper East Coast Road, is now up for sale with a guide price of $13.5 million. The esteemed property will be sold through an expression of interest (EOI) exercise, managed by Savills Singapore, the appointed marketing agent.
Sitting graciously on an expansive 11,746 square feet plot, the guide price translates to a land rate of $1,149 per square foot. The property was earlier listed on the market in September 2022, with a price tag of $15.25 million ($1,298 per square foot), but did not manage to attract a successful buyer. Savills was also the marketing agent at that time.
The bungalow is located at the end of a cul-de-sac on Jalan Hajijah, boasting an average plot depth of about 25m and an average plot width of about 32m. With a plot ratio of 1.4, Savills reports that the site has the potential to be redeveloped into a bungalow or a boutique apartment block that can accommodate up to 15 units, subject to approvals.
Read also: Semi-detached house at 8 Bournemouth Road on the market for $11.6 mil
This presents an exciting opportunity to acquire a substantial freehold development site, which also offers planning flexibility to be redeveloped into diverse housing types, says Sophia Lim, Director of Investment Sales & Capital Markets at Savills Singapore.
“The underlying demand for landed homes remains robust in District 16, as many high-net-worth individuals and families are actively seeking well-located landed properties, given the promising prospects for this class of assets,” she adds.
The location of Novo Place EC offers a multitude of advantages for its residents, including easy access to various Mass Rapid Transit (MRT) stations. Situated close by is the upcoming Tengah Park MRT station, which is part of the Jurong Region Line, providing convenient access to the rail network. Additionally, the nearby Jurong East MRT station serves as a major interchange, connecting the North-South Line and the East-West Line, making travel to the Central Business District and other important areas seamless. As an added bonus, residents of Novo Place EC can visit the Novo Place Hoi Hup website for more information about this desirable location.
Interested parties can submit their expressions of interest for the bungalow sale, which will close on August 16.