SINGAPORE (EDGEPROP) - A freehold 21⁄2-storey bungalow on Chiltern Drive is on the market for $14.5 million. Over 30 years ago, the owner, who only wants to be known as Dr Lim, was immediately captivated by the large land size when he first discovered the site.

At that time, Lim was searching for a home that could comfortably accommodate his large family of seven, including his wife, four young sons, and his mother. The original single-storey bungalow was a perfect fit for his family when they bought it in 1991.

The 12,758 sq ft, freehold site is a corner plot on Chiltern Drive. It is located within the established landed housing estate of Braddell Heights. The asking price of $14.5 million for the bungalow translates to a land rate of $1,137 psf.

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Generational family home

Now that their four children have grown up and moved out, Lim and his wife want to capitalise on the property’s value and downsize to a smaller home.

They have enlisted Martin Goh, principal consultant at Realstar Premier Group, as their exclusive marketing agent to sell the bungalow.

“Over the years living here, our family has shaped this house into a home. As the children grew up and the family needed more space, we rebuilt the original bungalow about 26 years ago,” says Lim.

The single-storey bungalow was redeveloped into a 21⁄2-storey house with an attic.The number of bedrooms was increased from four to six to provide individual bedrooms for the children.

“We deliberately expanded upwards and maintained the spacious lawn that runs along the side of the house and into the backyard,” says Lim. The garden is large enough for his children to play in while growing up, and he used to maintain some livestock in the backyard, such as turkeys and ducks.

The green-fingered retiree has also tended to a diverse range of plants in his backyard for the past few years, including a big rambutan tree, a coconut tree and a grapevine. He still keeps two chicken coops, a few feathered pets running around and a koi pond.

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The car porch and driveway are large enough to fit 15 cars. The ground floor has a separate living and dining room, a wet and dry kitchen, and a helper’s room. Meanwhile, the second floor has four bedrooms, including a spacious ensuite maste bedroom, while the third floor has two bedrooms.

Lim also renovated the four toilets in the house about eight years ago. Since the children have left the nest, the house only has three occupants: Lim, his wife and their helper. “It is time for us to sell this house as we consider our legacy planning,” he adds.

Neighbourhood transformation

Having lived in the Braddell Heights estate for 33 years, Lim has witnessed the neighbourhood’s transformation. He notes that the opening of the nearby Lorong Chuan MRT Station on the Circle Line, just a 10-minute walk away, has significantly improved public transport convenience for all residents.

Additionally, the recent renovation of New Tech Park, a Business-1 zoned industrial building along Lorong Chuan, has added more F&B and retail amenities. New Tech Park is located next to Lorong Chuan MRT Station.

“We have been marketing the sale of this bungalow on Chiltern Drive for less than a month. Previously, other agents had marketed the property for almost a year at a higher guide price,” says Realstar’s Goh. He says about eight prospective buyers have expressed interest in the property. “Most of them are attracted to the size of the land and its proximity to reputable schools.”

Based on EdgeProp Singapore’s Landlens search, four primary schools are within 1km of the property — St Gabriel’s Primary School at Lorong Chuan, Yangzheng Primary School at Serangoon Avenue 3, CHIJ Our Lady of Good Counsel at Burghley Drive and Kuo Chuan Presbyterian Primary School at Bishan Street 13.

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Other nearby educational institutions include the Australian International School at Lorong Chuan, the Stamford American International School at Woodleigh Lane and the International French School at Ang Mo Kio Avenue 3.

Redevelopment opportunities

The land size of the bungalow for sale at Chiltern Drive is one of the largest within the Braddell Heights estate. “This gives the new owner a variety of options if he chooses to redevelop the land,” Goh says.

Over the past decade, many of the large bungalow plots were purchased by developers and subdivided into smaller bungalows with land sizes of between 4,300 sq ft and 4,500 sq ft, he adds.

In addition, the new owner could consider maximising the allowable gross floor area of the site. The existing 2½-storey bungalow has a built-up area of about 5,500 sq ft, but it could potentially be redeveloped into a new house of about 10,000 sq ft, reckons Goh.

He estimates that reconstruction work may cost between $3 million to $5 million depending on the design and choice of materials.

“However, if the new owner opts to tear down the house and rebuild it from scratch, it could cost between $4 million to $5 million, depending on the new design and choice of materials and fixtures.”

Market trends

Based on caveats lodged, the Braddell Heights estate has seen five bungalows (with land sizes of at least 10,000 sq ft) sold this year to date. Prices ranged from $14 million to $18.8 million, with an average price of $1,364 psf.

According to a caveat lodged in May, the most recent bungalow transaction in Braddell Heights was for a property sitting on a 10,203 sq ft freehold plot at Matlock Rise that changed hands for $14.18 million ($1,390 psf). In April, another bungalow with a land size of 10,195 sq ft on Matlock Rise fetched $14 million ($1,373 psf).

Before that, a bungalow with a 12,594 sq ft land area at Cotswold Close changed hands for $18.8 million ($1,493 psf), according to a caveat lodged in March.

A new buyer of the bungalow at Chiltern Drive can choose to redevelop, make additions and alterations, or maintain the house as it is, says Goh.

Demand for bungalows

Another group of buyers are those downsizing from Good Class Bungalows or bigger bungalows in the Bukit Timah area or elsewhere in the Central Region.

Some may have moved to Bukit Timah when their children were of school-going age, given that many good schools are in the area. But now that the children have grown up, they may consider moving to a smaller house further out, says Goh.

“These are likely to be the retirees in their 60s or 70s who are looking to sell their existing property for legacy planning purposes and then downsize to a smaller property,” he adds. Some families want to upgrade from a terraced house or semi-detached to a bungalow house within the same estate.

He continues to see demand from “opportunistic developers”. They tend to look for sites where they could redevelop and subdivide the land parcel into two or three smaller plots.

The new bungalows will likely be priced at $3,000 psf or $13 million to $14 million apiece, depending on their land size. URA requires bungalows to have a minimum land area of 400 sq m (4,306 sq ft).

In recent months, there has been a notable increase in demand for large bungalow sites in the Braddell Heights neighbourhood. Goh sees interest coming from homeowners currently residing in houses further out in the suburbs and wanting to move closer to the city.

“The large garden is ideal for families who want space for their children to play and cycle around,” he adds.

Check out the latest listings for Braddell Heights Estate properties

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