Bungalow for sale $82 million
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Bungalow for sale $82 million
45,155 sq ft freehold site near Adam Road is on one of the highest points in area
Published on Oct 09, 2012
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This good-class bungalow at 4, Jalan Asuhan, also known as the “bankers’ lane”, offers a panoramic view all round. It is near Serene Centre and Coronation Plaza, and will be served by the upcoming Botanic Gardens MRT interchange station. -- PHOTO: LAND EMPIRE
By Amanda Tan
A HOME on a large elevated site near Adam Road has hit the market with expectations that it could sell for about $82 million.
The good-class bungalow is at Jalan Asuhan, also known as the "bankers' lane", not least because United Overseas Bank chairman Wee Cho Yaw is believed to live in the area.
The 4, Jalan Asuhan home sits on a 45,155 sq ft site, with experts tipping that it could sell for between $1,600 and $1,800 per sq ft (psf), pricing the land at $72 million to $82 million.
If that is too rich a price for potential buyers, the site can be split up into two - one of 26,166 sq ft, which contains the bungalow, and one of 18,989 sq ft.
The freehold land, whose owner died last year, is on one of the highest points in the exclusive neighbourhood, giving a panoramic view all round. It is near Serene Centre and Coronation Plaza, and will be served by the upcoming Botanic Gardens MRT interchange station, which will be ready by 2015.
The Botanic Gardens station on the Circle Line is already in operation.
"Good-class bungalows of such size are hard to come by, given the scarcity of such top-notch bungalow land," said marketing agent Land Empire in a statement yesterday.
It added that the sale was "a rare opportunity" to buy two elevated plots of land which are next to each other.
The most recent transaction in the area was last November, when a home on a 16,866 sq ft site at 28, Chee Hoon Avenue sold for $1,660 psf, or $28 million.
SLP International research head Nicholas Mak noted that the expected price in terms of psf is "not too unreasonable", but added that "buyers with such a budget are few and far between".
"There's still demand for good-class bungalows but, with the latest round of cooling measures, some might be affected, although most of them (with such a budget) are likely to be cash-rich," he added.
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