Archive for category: Misc

After a year of waiting, 8 Bournemouth Road, a semi-detached house in Katong, East Coast has returned to the market with a listing price of $11.6 million. The buyer, Sevens Group (Aquarius), a company associated with property developer Sevens Group, signed an option to purchase the freehold property back in July 25, 2022 and paid a fee of $116,000 plus the remaining deposit of $464,000. Completion of the sale was expected to take place on December 31, 2022.

Developed by UOL Group, Tampines Ave 11 Condo is set to be a well-appointed residential home, with complete facilities for the discerning home-seeker. Positioned within the flourishing Tampines North, the tranquil and lush setting of the new housing development is surrounded by plenty of amenities. Residents will find all their daily needs easily satisfied, with the modern and spacious apartments offering a luxurious and comfortable lifestyle.

Despite the agreement, the buyer and seller disagreed and the sale and purchase agreement was terminated, with a caveat withdrawn from the Integrated Land Information Service on June 27.

The double-storey house is built on a 5,386 sq ft site with a 17.7m frontage and was constructed in 1990. It has an upsize area of 3,800 sq ft with 6 en suite bedrooms. The asking price of $2,154 psf is expected to be attractive to property developers looking to redevelop it or re-zone it as a detached house.

Managing director of Real-Star Premier Group, Julian Yip, believes the absolute price is very attractive for land developers. Subdividing the property into two semi-detached houses will require outline planning approval from URA, which would be subject to the prevailing planning control for landed housing, such as a minimum land area of 200 sq m and a minimum width of 8m.

As an example, Yip mentions 47 Bournemouth Road which is a semi-detached house built on a 2,552 sq ft site that was sold in February 2022 for $2,351 psf. It was previously a detached house on an 8,923 sq ft site which was sold in January 2002 for $398 psf.

In the same area, the Mountbatten Road development called The Carrara offers six semi-detached houses on odd numbered sites between 801 to 811 Mountbatten Road. Two of them have already been sold and the remaining three houses have six bedrooms each as well as a built-up area of 5,530 to 6,400 sq ft and a land area of 2,675 to 3,016 sq ft. Prices are listed from $8.644 million ($3,233 psf) to $9.366 million ($3,119 psf).

Owner-occupiers could also look at the site as an alternative since the land is large enough to be re-zoned into a detached house. URA’s planning control for a detached house requires a minimum land area of 400 sq m and a minimum width of 10m. Yip estimates construction costs of at least $3 million should they choose to redevelop the property.

The East Coast area, particularly the Goodman Road neighbourhood, has a lingering appeal with many locals buying second or third houses for their next generation. The closest MRT station to the area is the upcoming Tanjong Katong MRT Station, which is three minutes away. It is due to open in 2024.

Transaction volumes have dropped due to property cooling measures and macroeconomic factors, however buying sentiment is expected to grow in the coming year. 8 Bournemouth Road could offer potential buyers a great opportunity to purchase property in a highly sought-after area.