A freehold bungalow on Kew Drive sold for $16.3 million
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A freehold home on Kew Drive, off the Upper East Coast in District 16 has been bought at $16.3 million. Based on the freehold site of 14,376 square feet that is $1,134 per square foot. Mey Lim and Lawrence See of GCB Collective, a team of bungalow experts in Huttons Asia, brokered the sale. In terms of price per square foot this is the highest price ever for a home within the Kew estate, according to See.
Caveats lodged by the buyer show that the previous record was the acquisition of a bungalow located on Kew Drive occupying a freehold size of 11,857 sq ft in December of 2017. The property was sold for $10.55 million, or $890 per square foot on the land. The most recent sale for a detached property in the area took place on the 13th of January 2022 when a bungalow located on Kew Terrace with a land area of 4,496 square feet was sold at $3.58 million ($796 psf). Before that, a bungalow located on Kew Drive with a land area of 8,279 sq feet was sold for $6.38 million ($771 per square foot) on January 6 2022.
The former owners of 26 Kew Drive have occupied the current six-bedroom, 6500 square feet property since it was constructed more than thirty years ago. In March the property was put up for auction through a tender exercise conducted through OrangeTee & Tie with a estimated price of $18 million. The tender ended on April 14 and did not find an interested buyer.
The purchaser of 26 Kew Drive had been searching for a land-based property within the vicinity for “quite long” according to See. They had offered for the property in the past year at $16 million, however the previous owner did not want to pursue the sale at the price.
The buyer then considered other land properties but couldn’t find an site that met their needs. “They love this plot (located at 26 Kew Drive] given its size and potential for redevelopment and also the fact that it’s close to public transportation facilities,” he says. The house is just a four-minute walk away from the Upper East Coast Bus Terminal and a mere 10 minutes walk from the new Bedok South MRT Station on the Thomson-East Coast Line.
In order to get their preferred site the buyer, who is an Singaporean who is a Singaporean, offered an increased price in the amount of $16.3 million. See that they are planning to take down the current house and construct a new one entirely from scratch. Based on the URA’s Master Plan 2019, the site is set to be an landed development that could be up to three stories. The site is located at the end of a cul-de -sac with an elevated site will mean that the new house will be able to see the landsland estate that surrounds it.
The property is just a 10 minute walk from Bedok Food Centre and a five-minute drive to Siglap Community Club which offers retail services which include an Sheng Siong Supermarket and an McDonald’s restaurant, and the Anytime Fitness gym. 26 Kew Drive is located in the vicinity of 1 km from Temasek Primary School as well as Temasek Secondary School.