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Read more: The largest bungalow tract on Melrose Drive is for sale for $16.8 million

Hoi Hup Realty and Sunway Developments were jointly awarded the tender for the executive condominium (EC) site at Plantation Closing in Tengah in accordance with a report on the results of a land auction released from the Housing and Development Board on September 11.The site, which is the second EC plot that was launched in the Tengah housing estate is expected to generate 495 units.

This tender that received interested bids from nine tenderers that submitted bids, was granted to two developers at a tender price that was $348.5 million, which is an average land value of $703 psf/plot proportion (ppr). This is an all-time record land value on an EC site as per Wong Siew Ying, head of content and research of research and content at PropNex Realty. This is higher than an earlier record, which was $662 per in ppf, that was set in the EC plot in Bukit Batok West Avenue, which was granted the property to Qingjian Realty and Santarli Construction in March 2022.

“As this Plantation Close EC plot was offered for sale through an amended idea and price-revenue tender it’s not clear if this bid is the highest that was submitted from developers,” Wong adds.

The land price is almost 17% higher than the initial EC site located at Tengah which is located in the Tengah Garden Walk which was granted the land to City Developments Limited (CDL) and MCL Land in June 2021 for $400.3 million ($603 psf per ppr). The two developers then opened Copen Grand on the site in the month of October 2022.

Lee Sze Teck, senior director of data analytics at Huttons Asia notes that the highest bid of $703 per person speaks of “the faith that this successful developer can have on his/her EC marketplace and Tengah”.

This follows Copen Grand was fully sold within a month of its opening at an average of around $1,340 per sq ft. Tenet Tenet, an EC located on Tampines Street 62 that launched in December last year, performed well, selling the tally of 93% sold following the second-time voter balloting in January.

Lee says: “With the recent increase in stamp duty for buyers who are paying more for the second property acquisition, ECs are likely to be more popular because they’re getting an the opportunity to receive a remission in advance.”

Additionally, the large quantity of bidders could indicate an attempt to “enter the market that is robust and stable despite smaller margins” He adds.

The ERA Singapore’s chief executive officer Eugene Lim notes that the Plantation Close site also appealed to developers due to that it is close to planned Tengah Park MRT Station. “There is easily accessible into Jurong Lake Gardens, the Jurong Lake Gardens Jurong Innovation District along with Nanyang Technological University via the Jurong Regional Line,” he says.

He estimates that the launch price for the new EC located at Plantation Close. Plantation Close site could fall between $1,450 and $1,550 per square foot. Additionally PropNex’s Wong believes that the project will likely be sold at an average cost of about $1,500 per sq ft.

A family of three generations property located at 3 Melrose Drive in Braddell Heights Estate will be offered for sale on the 18th of October with an expressions of interest. The property is located on the freehold site with 14,175 square feet and is priced at a cost at $16.8 million.

There are two homes on the site One is a bungalow with a single storey built in the mid-1980s front and behind there is a detached 2 1/2-storey home built from 2013 by the couple of Paul as well as Stephanie Masefield.

Watten House Bukit Timah upmarket neighborhood, formerly known as Watten Estate, is famed for its magnificent, contemporary bungalows and illustrious residents, making it an excellent haven for anyone seeking peace and quiet away from the hustle and bustle of the city.

The single-storey bungalow is the place Stephanie’s parents reside since they bought the property in 1988.

when Stephanie along with her mother and father first relocated into Braddell Heights Estate nearly 35 years back, there were not many houses within the estate’s private landed estate as she recalls. The areas around it including Lorong Chuan and Serangoon, were also in the early stages of development. “It’s been a fantastic neighborhood for us to call home and watch the surrounding area grow and mature, with plenty of amenities and conveniences,” Stephanie says. Stephanie.

The first single-storey bungalow on Melrose Drive that her parents bought over 34 years ago is unaltered. The home is built up area of around 3000 sq feet and has three bedrooms. The furnishings and interiors are also unaltered. “Walking through the house is like going back to an Singapore that was once a distant memory,” says Stephanie, who is a Singaporean. She recalls a time in which even her grandmother was there as well. So that four generations have been through the home.

Stephanie as well as Paul’s very first home was an HDB apartment in Bishan. When they had their twins they decided they required an additional home.

Upsizing

When the couple were house hunting Stephanie’s father suggested they construct their new house in the backyard behind his house located at 3. Melrose Drive. The bungalow that was originally built is located on the on the front side of the property with a vast landscape behind. It is also possible that Stephanie and Paul may build their future home there.

This meant that the family could reside on the same property however, in separate houses. Instead of purchasing an entirely new property it meant that the Masefields only had to cover the building costs of their new house.

“Still it was not an easy choice considering the inconvenience it could cause my grandparents, who were forced to live near an construction site for more than one year while their new home was being constructed.” Stephanie says. Stephanie.

An escalator connects the single-storey home to the more modern 2 1/2-storey detached home behind. This connection allowed Stephanie as well as Paul’s kids access to the two homes and also allowed them to have more interaction with grandparents when they were growing to be adults.

The more modern 2 1/2-story home includes five bedrooms as well as an interior space of 6,000 square feet. The main level of the house is equipped with a large living and dining room that leads to a terrace. There’s also an en guest room with the utility room, and a room for a helper on the same level.

The second floor has three bedrooms with en suite bathrooms which include the master bedroom and a family space. The attic is home to an area for relaxation and a gym with a bathroom that is en suite. The new owner is able to convert it into an additional bedroom.

“Change in lifestyle”

Stephanie’s father decided that it was the right time to let go of his property after living there for over 35 years. “My parents aren’t getting any younger I believe it’s the right thing to realize the value of this asset when they begin to prepare for their retirement,” says Stephanie.

The couple also expect that they will no longer require an enormous house as they grow older and also after their adult children leave. “It’s an adjustment in our lifestyle that we’re preparing for,” states Stephanie. “The children were quite small when they first came into the home in 2013. And they were able to run around the house and around the entire house.”

Both homes have been maintained well over the years, claims Martin Goh, principal consultant at Realstar Premier Group and the sole marketing agent on behalf of the property.

This property’s $16.8 million cost is equivalent to a price of $1,185 per square foot based on the land area.

Possibilities for a new buyer

Based on Goh The bungalow site located at 3. Melrose Drive will be the largest available in the Braddell Heights Estate today. The site boasts a 40m frontage. The buyer is able to keep the detached home of 2 1/2 stories that is relatively new. It also offers the option of developing the old bungalow.

Goh estimates that building the new 5,000 sq feet home will cost between $2.5 millions to $3.2 million at present. “This is a good alternative for homeowners looking to move into their homes sooner, and also they won’t have to remodel both properties particularly with the increasing construction costs in today’s market,” he says.

If you want to construct their dream house on the site could consider tearing down both homes and transforming them into one big detached home. This could cost anywhere from $8 million to $10 million, based on the layout, design and the materials employed, Goh estimates.

Apart from the homeowners Goh believes that the site on Melrose Drive attracting boutique developers also. He believes that the 14,175 square feet site could be transformed into three smaller detached homes according to the preliminary feasibility study. URA stipulates that detached homes must be built on land with a minimum area of 400 square meters (4,306 sq feet).

Bungalow zone

Inside Braddell Heights Estate. Braddell Heights Estate there are only Melrose Drive, Sunridge Park Road, Matlock Road, Lynwood Grove, Cotswold Drive and Chiltern Drive have a two-storey bungalow zoning, according to Goh. The homes in other areas of Braddell Heights are either two-storey semi-detached or terraced.

“The appeal that comes with living in the area of Braddell Heights is enjoying the accessibility to numerous amenities and transportation connections,” says Paul. “Yet the area around us remains tranquil and private, which makes the neighborhood distinct.”

Goh says he agrees. “This area in Braddell Heights Estate is a good example. Braddell Heights Estate has long been a secret from many homebuyers who tend to be drawn towards Serangoon Gardens or the prime residential area in Bukit Timah.”

Area of school catchment

The most popular primary schools within the 1km distance of the 3 Melrose Drive include CHIJ Our Lady of Good Counsel, Kuo Chuan Presbyterian Primary School and St Gabriel’s Primary School. Secondary and tertiary institutions in close proximity comprise St Gabriel’s Secondary School Zhonghua Secondary School and Nanyang Junior College.

It is worth noting that the Australian International School and Stamford American International School are located nearby and are also within. Therefore, that the Braddell Heights and Serangoon Gardens estates are popular among families from abroad.

Nearby amenities comprise Lorong Chuan MRT Station on the Circle Line and it is the Serangoon Interchange Station on the Circle and North East Lines that is connected with the Nex shopping malls as well as the newly-opened Woodleigh Mall, which is connected directly to Woodleigh MRT Station on the North East Line.

With the cost of housing in the districts 9,10, and 11 rising to record levels in recent times and homebuyers are discovering the advantages that come with Braddell Heights, says Goh.

Prices for transactions on the increase

The last sale of a detached residence on Melrose Drive was for a property that was located on the freehold site that covered 4,315 square feet, which was sold to the value of $6.8 million ($1,576 per square foot) in the month of November 2022. according to caveats that were lodged in the name of URA Realis. The house was constructed in the year 1996.

Prior to that, a detached house that was on a freehold site that was 10,199 square feet was auctioned off at $18.98 million ($1,861 per square foot) in accordance with an agreement signed at the end of June in 2022. The house was constructed in 2014 and is situated just across the street from the 3rd floor of Melrose Drive.

“Landed properties in Singapore are a long-lasting asset and this kind of property is extremely sought-after and a long-lasting investment option for many Singaporeans,” says Goh. “Prices of homes that are landed are likely to increase in the near future because of the limited availability and high demand.”

A four bedroom apartment located at One Amber was the most profitable condo resales during the week from Aug 22-29, according to caveats that were filed with URA. The 1,701 square foot unit was sold at $3.75 million ($2,205 per square foot) on August 23. The apartment was purchased from the buyer in the month of May 2006, from developer developer in May 2006 for $1.32 million ($778 per sq ft). The seller brought into a profit of $2.43 million, or 184% after occupying the property for just a little more than 17 years.

This is the highest-profit transaction to date recorded at One Amber according to the data collected by EdgeProp Research. It surpasses the previous record set in April when the vendor of a 1,378 square foot unit earned $2.03 million after selling it for $2.95 million ($2,141 per square foot). The seller purchased the unit in April for $919,800 ($668 per square foot).

Watten House, an outstanding mansion intended to fulfill modern living expectations, spans 220,241 square feet on a residential land approved by the Urban Redevelopment Authority.

One Amber is a freehold condominium that was built at the end of 2010 in 2010 by UOL Group and Singapore Land Group. It consists of four 23-story towers, totalling 562 units. The condo is comprised of one-to four-bedroom apartments ranging from 570 to 3,100 sq feet. There are penthouses with four bedrooms with a range of 2,659 to 3,541 square feet.

The company has recorded eight more sold-to-resale transactions reported to date during the current year by One Amber All of which were profitable. Information gathered from EdgeProp Research shows that the units, ranging from 170 to 1,700 square feet and ranging from 570 to 1,700 sq ft, were sold for $1.2 million to $3.15 million or between $1,900 to $2,390 per square foot. The sellers’ gains between $250,000 and $2.03 million.

Butterworth 8. witnessed the second-most profitable sale during the week-in-review by securing the 1,313 square feet unit in the price of $2.45 million ($1,866 per sq ft) on August 23. The three-bedroom property was bought by an developer on March 22, 2002. $898,590 ($684 per square foot). The seller earned the profit in the amount of $1.55 millions (173%) after holding the property over 21 years. It is the second-most profitable deal recorded at Butterworth 8 so far. The most profitable transaction in the development took place earlier in the year in which an 1,313 sq ft three-bedroom unit was sold to a buyer for $2.48 million ($1,889 per square foot) on the 22nd of March. The buyer, who bought the property on August 6, 2006, for $798,000 ($608 per sq ft) gained a profit of $1.68 million, or the equivalent of 211% in the sale.

Butterworth 8 is a 216-unit freehold development situated on Butterworth Lane, off Haig Road in District 15. The development was completed on the 15th of April the year 2004 by Keppel Land, the development includes three blocks housing two, three and four-bedroom homes ranging from 1 023 to 1,776 sq feet.

The purchase of two bedrooms unit in Eon Shenton is the least profitable transaction of the week-long analysis. The apartment of 689 square feet located on the 23rd level was sold at $1.52 million ($2,206 per square foot) on the 25th of August. The unit was purchased in the month of October 2012 by developer developer in exchange for $1.54 million ($2,233 per sq ft). This means that the seller suffered the loss of $18,200 which is 1.2% over a holding for nearly 11 years.

Six additional units have changed hands since the present date at Eon Shenton Five of them have traded below cost of purchase. The units, which range from 548 and 1,044 square feet they were sold for losses that ranged from $106,900 to $129,900.

The project was completed in the year 2017. Eon Shenton is a 99-year leasehold development that consists of shops and offices in a strata in a 32-storey building. It was developed in partnership with Roxy-Pacific Holdings, it was completed in the year 2017. There are 132 houses in the tower, which include three and two-bedroom units with a range of 527- 1,087 sq feet. Penthouses range from 1,044 to 1,249 square feet.

Eon Shenton is a six-minute walk from Tanjong Pagar MRT Station on the East-West Line and right across the street from the planned Prince Edward Road MRT Station on the Circle Line, which will be a two-minute walk away.

Read more: The Grange’s four-bedder resale generates a $3.85 million profit

A two-storey conservation terraced home located on River Valley Road is up for auction with a price of $7.8 million. The Knight Frank auction group is Singapore’s sole agent.

The property is situated on a 1,886 square feet lot with a leasehold of 999 years tenure. The asking price is an estimated land cost of $4,134 per square foot.

The three-bedroom property has two bathrooms, a kitchen open as well as an eating and living area. It is one of 12 conservation terraced homes located along River Valley Road in prime District 9.

The exteriors of the buildings’ historic facades as well as window fixtures are protected and highlight their pristine façades. Preservation rules emphasize the streetscapes, while balancing low-rise blocks against newer and higher-rise buildings.

This area of River Valley is near Great World City and Great World MRT Station located on the Thomson-East Coast Line. Also, it is near Plaza Singapura shopping center, as well as Dhoby Ghaut Interchange on the North-East, North-South and Circle MRT Lines. Fort Canning Park and Fort Canning MRT Station located on the Downtown Line are about 600m from the river, and activities along Boat Quay and Clarke Quay are also within reach.

The neighborhood’s unique particularities make the area a highly sought-after neighborhood that has luxury condominiums and homes. This includes the luxurious condos on Saint Thomas Walk, River Valley Close, Martin Place and Oxley Road.

The most notable developments around the area include GuocoLand’s the 450-unit Martin Modern at Martin Place. The 99-year leasehold condominium was sold completely by August 2021. The developer is expected to offer the average price for its units of 2,687 per square foot.

Then, The Avenir by Hong Leong Holdings and GuocoLand had a sales price of $3200 per square feet at the time that the development was completely sold. The freehold development of 376 units located at River Valley Close was launched to the market in January 2020, and is now sold to the fullest extent in the month of January, according to the developer’s sales statistics.

The most recent development within the neighborhood will be the 72 unit Hill House on Institution Hill. This luxury condo comes with an 999-year leasehold, and is a joint venture with Macly Group, Roxy-Pacific Holdings and LWH Holdings. With caveats in place that were put in place, the condo was released to be sold in the month of November 2022. The condo is currently one-quarter sold, with an average of around $3,000 psf.

The most lucrative resale deal during the week of August 8 to 15, was that of the 1,981 square foot unit in Teresa Ville within District 4. The three-bedroom apartment, located on 19th floor, sold for $3.15 million ($1,590 per square foot) on August 8. The property was purchased at a price of $1 million ($507 per square foot) the month of June in 1998. The seller earned profits that was $2.15 millions (213%) on the transaction, which amounts to an annual increase in the region of 4.6% over 25 years.

Watten House Condo is an excellent property intended to fulfill the needs of modern living.

This is the second highest-profitable deal in Teresa Ville. The record deal was made this year, when the 1,981 square feet unit at the top of 17th sold to the tune of $3.28 million ($1,656 per sq ft) on the 20th of March. It was sold previously for around $960,800 ($485 per square foot) in April of 2006. This means that the selling of the unit led to the record for profit at $2.32 Million (242%), or an annualized profit that was 7.5% over 17 years.

Teresa Ville is a freehold condominium located in the vicinity of Lower Delta Road in the Bukit Merah region. The project of 264 units was completed in 1986. The development is situated next to CHIJ St Theresa’s Convent Radin Mas Primary School and CHIJ (Kellock). It is also within Mount Faber Park and the Southern Ridges. The majority of the area is comprised consisting of HDB properties along Telok Blangah Rise, Bukit Purmei Avenue and Jalan Bukit Merah.

According to a table of resale-related caveats provided by EdgeProp Singapore, prices at Teresa Ville have recorded a constant and steady rise over the last two decades. The median price was $578 per month in August 2003 before rising to $974 psf by August 2013. This month’s average is $1,666 per psf.

The most recent private residential development in the area is the UOL Group’s Avenue South Residence located on Silat Avenue. The 99-year leasehold condominium was completed in the year that it was launched and contains 1,074 units. When the project went on sale in September and the developer had sold 276 units at the median price of $1,936 per sq ft. According to developer statistics, Avenue South Residence was completely sold by the end of September 2022, and had an average price of $2,465 per square foot.

One of the units sold was a 1,690 square feet unit at Park Infinia in Wee Nam on Aug 11 was the second most profitable sale during the week under the review. The four-bedroom apartment was purchased at $3.63 million ($2,148 per square foot) following the time it sold for $1.72 million ($1,017 per square foot) in August of 2006. The seller made an income in the amount of $1.91 millions (111%) on the most recent resales, which results in an annual increase that is 4.5% over 17 years.

Four resales deals on the part of Park Infinia in the past year which have all resulted in revenues that range between $690,000 and $2.12 million.

The biggest profit this year was derived from an 3,315 sq ft four-bedroom penthouse that was purchased to the public for $6.63 million ($1,999 per square foot) on the 10th of March. The penthouse was purchased at $4.5 million ($1,357 per sq ft) during September of 2014. The resale produced an income of $2.12 millions (47%), which is equivalent to an annual increase that was 4.5% over eight years.

In addition, a 1,421 square foot unit traded hands at $3.45 million ($2,428 per sq ft) on the 29th of March. It was bought at $2.76 million ($1,943 per sq ft) at the end of August 2013. This resulted in an income of $690,000 which amounts to an annual increase in the range of 2.3% over nine years.

Park Infinia located at Wee Nam is a freehold condominium situated on Lincoln Road in prime District 11. The development of 486 units has been completed since 2008. It includes one- to four-bedroom homes between 560 and 2,002 sq feet, and penthouses ranging from 2,702 to 3,315 sq feet.

On the other hand the least profitable resale deal that was recorded between August 8 and 15, was selling a 1 733 square feet unit in The Oceanfront @ Sentosa Cove. The unit was sold at $3 million ($1,731 per square foot) on August 15. The unit was purchased at $3.73 million ($2,152 per square foot) on July 7, 2007. The seller suffered a loss of around $729,600 (20%), which is equivalent to a decrease that was 1.3% over 16 years.

The Oceanfront at Sentosa Cove is a 99-year leasehold condominium in Sentosa Cove, a prestigious Sentosa Cove residential enclave. It is among only a few luxury 99-year leasehold condos on Ocean Drive in Sentosa Cove. Other condos along Ocean Drive include The Coast at Sentosa Cove, The Berth by the Cove, and The Azure.

The prices for The Oceanfront have slipped in recent years, dropping from $1,761 per sq ft at the time of August 2013, to $1,560 in the month of July. It’s lower than nearby condos like The Coast (1,765 psf), Marina Collection on Cove Drive ($1,665 psf), Cape Royale located on Cove Way ($2,219 psf) and The Azure (1,813 PSF).