Trustees put prime bungalow plot off Meyer Road up for sale
SINGAPORE, 29 January 2018 – A prime bungalow plot located off Meyer Road has just been put up for sale by tender by the trustees of the estate of the late owner. JLL has been appointed to market the property.
The freehold property, No. 12 Broadrick Road, is located within an exclusive enclave of some 140 bungalows. Its immediate surroundings comprise a charming blend of old and new 2-storey detached houses.
Under the 2014 Master Plan, this cluster of landed properties, bounded by Meyer Road, Mountbatten Road and Crescent Road, has been safeguarded for two-storey detached houses. Each of these houses have a minimum land area of 400 sm.
“In the 1950’s and the 1960’s, Katong was still a stretch of sandy beaches, lined with grand old bungalows surrounded by lush gardens and coconut palms. The island’s wealthy would retreat to Katong and spend their weekends in their bungalows by the beach,” says Mr Karamjit Singh, Senior Consultant at JLL.
“Among the early occupiers were members of the British, Eurasian, Jewish and Peranakan communities. Even today, you can still see the relics of many of the former beachside villas of the olden days.”
“Despite development and modernization, this location has managed to retain much of its heritage and charm, evoking a warm nostalgia among the older Katong dwellers. With the bounty of food on main-road shophouses, the draw of the beach and proximity to the airport and the CBD, it is little wonder that it still remains a popular abode for many affluent families.”
“Over the years, many of the larger plots in this area have been redeveloped into multiple bungalows of smaller land areas. 12 Broadrick Road has a land area of approx. 16,160 sf and may be subdivided and redeveloped into a maximum of three bungalow plots, subject to approval from the planning authorities,” says Mr Singh.
“The supply of detached houses within this prestigious cluster is limited and not frequently traded. Out of the estimated 140 bungalows, only some 19 houses had changed hands over the last 7 years – an average of less than 3 houses per year!”
Only some 10 minutes’ drive from the CBD and 15 minutes to Changi Airport, the property is located close to the future Katong Park MRT station which is part of the planned Thomson-East Coast Line. Construction works are currently underway, and are expected to be completed in 2023.
“Some developers and contractors may find this an interesting redevelopment offering. Besides developers, we also expect interest from some wealthy families who may wish to retain the sprawling land area for just one or two bungalows for their extended families,” says Mr Singh.
“Some individual buyers, who wish to build their own dream homes, may also form partnerships to make a joint bid”.
The vendors are indicating an asking price of $22 million to $24 million, reflecting a land rate of approximately $1,361 to $1,485 psf on the land.
The tender closes on Wednesday, 7 March 2018 at 2.30 p.m.
Note to editors:
- For a high-resolution photograph of the property, please click here.