A single-storey bungalow in Katong, one of the few available freehold properties in the area with redevelopment potential, has been put up for mortgagee sale, revealed marketing agent DTZ.
Located at 85 Branksome Road, the house sits on 13,189 sq ft of land and has a gross floor area of around 9,000 sq ft. According to DTZ, the property has an indicative price of $16 million, or $1,200 psf.
Recent transactions of landed homes in the area have ranged from $1,200 psf to $1,400 psf. Last year, a 13,843 sq ft site at Branksome Road was sold for $16.3 million ($1,178 psf).
Under the Urban Redevelopment Authority’s (URA) Master Plan 2014, the site is zoned for residential use and could be redeveloped into a two-storey bungalow.
The plot can also be subdivided into a pair of bungalows or semi-detached houses, subject to the relevant authority’s approval, said the consultancy.
Nearby amenities include established schools and shopping malls. Dakota MRT station and two future MRT stations on the Thomson-East Coast Line are also within the vicinity.
Joy Tan, DTZ’s Head of Auction, expects strong interest for the subject property. “A landed housing redevelopment site of this size in the prestigious District 15 is rarely made available for mortgagee sale. The last known mortgagee sale was at least a decade ago.”
The sale is being conducted through an auction, which takes place on 30 March at The Amara Hotel.
Picture Source: View of the single-storey detached house at 85 Branksome Road. (Photo: DTZ)
Source copied: http://www.propertyguru.com.sg/property-management-news/2016/3/120056/katong-bungalow-put-up-for-mortgagee-sale