SINGAPORE (EDGEPROP) - A two-storey bungalow sitting on a cul-de-sac land plot in the King Albert Park Good Class Bungalow (GCB) area in District 21 is up for sale with an indicative price of $10.8 million.
The bungalow has four bedrooms and two common bathrooms, and has a total gross floor area of around 3,000 sq ft. The freehold land it sits on measures 7,945 sq ft. The site coverage of the house is around 2,000 sq ft and the surrounding garden measures close to 6,000 sq ft.
Bruce Lye, managing partner of SRI, says that the bungalow presents a rare opportunity to buy freehold land in a GCB area at the entry price of $10.8 million ($1,359 psf), as there are only three plots of similar size. The two others have been redeveloped. Most of the plots in the King Albert Park GCB area above 14,000 sq ft. To be considered a GCB under URA guidelines, the site area has to be at least 15,070 sq ft.
The property served as the family home of the owner for a few decades. It is now tenanted by an expatriate family, says Lye.The existing tenancy ends this November. However, there is a clause in the lease agreement for early termination should the property be sold before that and the buyer decides to move in immediately.
The house was built in 1960. Renovations were done to the kitchen and the two bathrooms in the house five years ago. It is therefore in move-in condition, says Lye.
The proximity to good schools makes the house ideal for young families with school-going children, adds Lye. Schools within the 1km radius include Pei Hwa Presbyterian Primary School, Methodist Girls’ School and tertiary education institution Ngee Ann Polytechnic.
The bungalow is a two-minute drive to the KAP mall, which has a mix of enrichment centres and eateries as well as the independent cinema operator Eagle Wings. A new mixed-use project completed in 2016, KAP is a redevelopment of the former McDonald’s Place that used to sit at the corner of Clementi and Bukit Timah Roads.
Other nearby malls within a short drive include Bukit Timah Plaza, Sime Darby Centre and Beauty World Shopping Centre. In the future, the Beauty World integrated transport hub, which will have a mix of commercial and retail spaces, will be a three-minute drive away, adding greater convenience for the residents at King Albert Park.
Another attraction of the King Albert Park neighbourhood is its proximity to the Bukit Timah Nature Reserve and the Rail Corridor, which will form part of the 36km coast-to-coast trail.
There has not been any recorded bungalow transaction at King Albert Park since 2017. In February 2017, a GCB sitting on a land area of 39,225 sq ft changed hands for $43.8 million, based on a caveat lodged with URA Realis then.
Many of the bungalow owners at King Albert Park have lived there for many years. Hence, the bungalow that is currently on the market is a good opportunity for a new homeowner who wants to be in the Bukit Timah area of District 21, near top schools, amenities and the nature reserve and parks, says Lye.