Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, a leading global real estate services firm has today announced that three adjoining freehold bungalows at Chancery Hill Road and Dyson Road will be launched for estate sale by tender.
The indicative price for all the three properties is $60 million. The sale will be on as-is-where-is basis with all three bungalows currently vacant. Interested parties are invited to bid for a single or multiple adjoining bungalows. All the sale proceeds from the sale will go to the beneficiaries of the estate which are charities.
The properties are situated in the prestigious and tranquil enclave of Chancery Hill Road/Lane neighbourhood in District 11. It is within a few minutes’ drive from the shopping (Velocity at Novena Square, Square 2 and United Square) and healthcare (Health City Novena) facilities in Novena/Newton, Orchard Road shopping malls and nature parks such as the Singapore Botanic Gardens (UNESCO World Heritage Site). Renowned educational institutions nearby include Anglo-Chinese School - Barker Road, St Joseph’s Institution, CHIJ Toa Payoh and Singapore Chinese Girls’ School.
Under the 2019 Master Plan, the three sites are zoned as “Residential” with a “2-storey Mixed Landed” development control.
According to Mr Shaun Poh 傅子伟, Executive Director of Capital Markets at Cushman & Wakefield, “The properties are located at the most prestigious address in District 11, within the tranquil enclave of Chancery Hill Road/Lane. The neighbourhood has been setting price benchmark with several recent transactions crossing $3,000 psf. The highest price achieved in this area was a new bungalow at 29 Mount Rosie Road which was sold for $3,805 psf in August 2022.”
Mr. Poh continues, “The buyer can either redevelop the bungalows for owner occupation or developers could turn them into a boutique, exclusive luxury housing development with a combination of terrace houses, semi-detached houses or bungalows.”
Interested parties are invited to submit their tender bids to Cushman & Wakefield by 21 March 2023 (Tuesday), 4.00 p.m.