Good class bungalow for sale at $25m

Published on Apr 9, 2015 1:46 AM

By Ong Kai Xuan

A GOOD class bungalow off Adam Road is being put up for sale at $25 million.

The public tender for the 17,868 sq ft freehold property in Chee Hoon Avenue was launched by real estate company CBRE yesterday. It will close on May 20.

CBRE said the 3,300 sq ft house on the property was built in the 1960s and renovated in 2005. It said the land presents opportunities for additions and alterations as well as redevelopment.

CBRE head of luxury homes Douglas Wong said: "There is very limited supply of good class bungalows in centrally located areas."

Three good class bungalows have been sold in the first three months of this year, a far cry from the 28 transacted for the whole of last year.

But Mr Wong expects "good response and strong interest" for this property.

Despite the fall in number, the transactions closed at higher prices this year: The average price for the first three months of 2015 was $25.5 million, up 14 per cent from the 2014 average.

This could be because the sizes of the properties transacted this year were larger.

However, unit prices rose as well, with the average price being $1,471 psf, up 3 per cent from the average price last year.

"Prices are still holding firm although fewer units have been transacted," said Mr Wong.

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