It can be subdivided and redeveloped into two or three adjoining bungalow plots.
A freehold bungalow plot located off Meyer Road is put up for sale with an asking price of $22m to $24m, according to JLL.
With an approximate area of 16,160 sqft (1501.31 sqm), the property reflects a rate of around $1,361 to $1,485 psf on the land. Subject to approval, the estate may be subdivided and redeveloped into two or three adjoining bungalow plots.
The bungalow is easily accessible by a 10 minute drive from CBD and a 15 minute drive from Changi Airport. The Katong Park MRT station which is a part of the planned Thomson-East Coast line will rise near the area soon.
“Construction works are currently underway, and are expected to be completed in 2023,” JLL added.
Located in No.12 Broadrick Road, the freehold estate was initially put up for sale by tender in January 2018. However, several offers for purchase were lower than the vendors’ asking price.
According to JLL, there were also inquiries looking for smaller plots of land for occupation.
“The trustees have agreed that they are now prepared to also consider offers for subdivided plots," JLL senior consultant Karamjit Singh said.
The bungalow plot is part of the 2014 Master Plan which includes clusters of properties bounded by Meyer Road, Mountbatten Road, and Crescent Road that have been safeguarded for two-storey detached houses. Each house has a minimum land area of 4305.56 sqft (400 sqm).
"The Katong bungalow market has seen steady trading activity this year, where some eight bungalow plots have changed hands within the first five months of 2018,” Singh commented.
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