_Rare Good Class Bungalow at Chancery Lane for Sale by Tender

May 15, 2024

Singapore, 15 May 2024 – International property consultant Knight Frank Singapore, as the sole marketing agent, is pleased to announce the launch of a Good Class Bungalow at 14 Chancery Lane for sale by tender.

Nestled within the exclusive Bukit Tunggal Good Class Bungalow Area in District 11, the freehold property is set amid the upscale Chancery neighbourhood and sits on a sprawling site with a land area of 1,960.1 square metres (sqm) or approximately 21,098 square feet (sq ft). Tucked in a corner location near a cul-de-sac, it presently houses an original bungalow built in the 1960s. It is ideal for redevelopment into a brand new luxurious Good Class Bungalow.

The property is located within proximity to the Novena and Newton MRT stations and is well-positioned to capitalise on the diverse array of dining, retail and healthcare amenities within the commercial and medical hubs at Novena. Popular shopping malls such as Novena Square, Square 2 and United Square and established medical facilities including Mount Elizabeth Novena Hospital, Novena Specialist Centre and the upcoming HealthCity Novena are a stone’s throw away.

Additionally, recreational and lifestyle destinations including UNESCO World Heritage Site Singapore Botanic Gardens and MacRitchie Reservoir are close by, and the Central Business District, Marina Bay and Orchard Road are a 10-minute drive. Reputable primary schools such as Anglo-Chinese School (Primary), St. Joseph’s Institution Junior and Singapore Chinese Girls' Primary School are located within a one-kilometre radius.

The vendors are expecting offers in excess of S$43 million, translating to approximately S$2,038 per square foot (psf). The property is reasonably priced, taking into consideration the recent sale prices of Good Class Bungalows in the central areas. In District 11, 46 Chee Hoon Avenue was transacted at $26.7 million or $2,413 psf in November 2023 while 17 Cassia Drive was transacted at $25.3 million or $2,285 psf in August 2023.

Ms Chia Mein Mein (谢敏敏), Head of Capital Markets (Land & Collective Sale), Knight Frank Singapore (主管, 房地产与集体销售, 资本市场部, 莱坊) comments, “The Chancery residential enclave is well sought-after due to its central location and amenity-rich attributes. Few Good Class Bungalows in this neighbourhood have come up for sale or have been transacted as owners are reluctant to sell, resulting in the low sale volume over the years. The attractive pricing of this asset coupled with scarcity of supply in this area makes this property appealing to homebuyers, developers as well as multi-generational or extended families looking to build their dream home.”

The most recent Good Class Bungalow in the neighbourhood transacted more than two years ago in March 2022. 42 Chancery Lane, a sizeable 34,216 sq ft plot, sold for S$66.06 million or S$1,931 psf.

Demand for other landed homes in the Chancery area has also been strong. A pair of semi-detached houses at 43 & 45 Gentle Road was sold at S$30.889 million or S$1,940 psf in November 2023, a bungalow at 12 Chancery Lane transacted at S$16.6 million or S$2,111 psf in June 2023 and a bungalow at 29/29A Barker Road transacted at S$32.2 million or S$2,280 psf in May 2023.

The Good Class Bungalow market has seen some return of demand this year, after a relatively muted period in the second half of 2023 following the money laundering scandal. Five deals registering a total sales volume of approximately S$217 million were reported to have concluded in 2024 year-to-date. This surpasses the sales volume of approximately S$51 million registered for two deals concluded in the second half of 2023. The average unit land price has also increased by about 29% to S$2,217 psf in H1 2024 to date, from S$1,712 psf in H2 2023.

Ms Chia comments, “Singapore’s Good Class Bungalow market continues to attract high-net-worth homebuyers seeking to occupy them and enjoy the status symbol. Such luxury assets are often acquired for wealth preservation and legacy planning. Demand will continue to be supported by the increasing affluence among Singaporeans and new high-net-worth citizens.”

The tender will close on 25 June 2024, Tuesday at 3:00 PM.

_Rare Good Class Bungalow at Chancery Lane for Sale by Tender

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