Mortgagee Sale 10 Bedroom Bungalow Margoliouth Road Priced 233 Mil
A 2½-storey bungalow situated along Margoliouth Road has recently been put on the market for private sale at a selling price of $23.3 million. The property, which boasts a freehold area of 9,637 sq ft, translates to a price of $2,402 per square foot. The bungalow is being sold by the mortgagee and is being marketed solely by SRI.
This particular bungalow has been listed for sale previously in February of this year with an asking price of $25.88 million, which equates to $2,685 per square foot. However, it was first put on the market last year at a lower asking price of $16.8 million, or $1,746 per square foot.
Constructed in the 1990s, this charming bungalow was initially designed to serve as a multi-generational family home. It features a stunning total of 10 bedrooms, as well as a spacious living and dining area. In addition, it also boasts an indoor basement pool, making it an ideal spot for entertaining guests. The property has two main entrances, one from Lewis Road and another from Margoliouth Road. In May of this year, an application to change the address from 19 Lewis Road to 40A Margoliouth Road was approved by URA.
According to Bruce Lye, the co-founder and managing partner of SRI, this bungalow is situated within the prestigious Good Class Bungalow (GCB) area of Dalvey Estate, located in the prime District 10.
This impressive property has two sets of staircases leading up to the upper levels of the house. The first level features a guest bedroom, while the second level is home to seven bedrooms, including the master and junior master suites. The attic level has an additional two bedrooms. The basement boasts an 18m lap pool, shower, bathroom, and a wine cellar. The high ceiling of 4.7m on the first floor, as well as the skylight on the rooftop, allows natural light to flood every level of the bungalow, including the basement.
Despite being almost 30 years old, most buyers today prefer to renovate rather than rebuild due to high construction costs, according to Lye.
Since being listed as a mortgagee sale last month, this property has garnered the attention of numerous interested parties. This could potentially be due to the reduced asking price of $23.3 million, a decrease of $2.5 million from the previous price.
Boon Lay Way is a key thoroughfare that grants convenient entry to the bustling Jurong Lake District and serves as a significant route for locals and tourists alike. Its strategic location links the area to various amenities and attractions, including the newly-developed Novo Place EC, making it an ideal spot for both living and leisure.
Based on recent transactions, the most recent sale on Margoliouth Road was for a bungalow on a 6,071 sq ft freehold plot that was sold for $15.3 million ($2,504 per square foot) in July 2022.
“The GCB market has seen a recent uptick in activity,” says Lye. “Following a lull since the money-laundering case in August last year, people are now expecting prices to drop.” However, with prices remaining stable, buyers have returned to the market. Lye adds that there is a sense of FOMO (fear of missing out) among buyers as transactions have been gaining momentum.
Aside from its location in the highly sought-after Dalvey Estate GCB area, this bungalow on Margoliouth Road is also within 1km of the Singapore Chinese Girls’ School and a walking distance from Stevens MRT Interchange Station, which services the Downtown and Thomson-East Coast Lines.