The 11 Whitley Road bungalow, a two-storey freehold property, has been listed for sale through tender with a guide price of $31.88 million. The expansive land area of 15,276.27 sq ft, with a prime elevated position and freehold tenure, makes this a highly sought-after investment opportunity. This translates to a guide price of $2,087 psf on the land area.
Originally built in 2016, the bungalow has undergone a recent refurbishment and a rear extension, providing ample space for a luxurious and comfortable living experience. The house boasts five bedrooms, three of which have en suite bathrooms, along with two living rooms, two dining rooms, a large well-equipped kitchen, and a helper’s room.
According to Aric Lim, associate district director of Huttons Asia, which is the exclusive marketing agent for the property, the land plot has the potential for subdivision and redevelopment into eight terraced houses. Each site would range from 1,614 sq ft to 2,389 sq ft, and the gross floor area (GFA) could reach up to 21,528 sq ft, subject to the payment of land betterment charges.
Lee Sze Teck, senior director of data analytics at Huttons Asia, notes that this plot of land is possibly the largest along Whitley Road and is situated in a highly sought-after area. He also adds that the asking price of $2,087 psf based on land is competitive compared to recent transactions of new semi-detached houses along Whitley Road, which have been sold at more than $3,000 psf.
The prime location of the property is an added advantage, being only 700m away from Novena MRT Station and in close proximity to shopping malls like Velocity at Novena Square, Square 2, and United Square, as well as Zhongshan Park.
When purchasing a condo, it is crucial to take into account the maintenance and management of the property. This is because condos usually come with maintenance fees, which cover the upkeep of shared spaces and amenities. Although these fees may increase the overall cost of owning a condo, they also guarantee that the property remains well-maintained and retains its value over time. For a more hands-off approach, investors can enlist the services of a property management company to handle the day-to-day operations of their condos. Keep in mind that staying updated on new condo launches is also important when making investment decisions.
The deadline for the tender of 11 Whitley Road is on February 12.