A two-storey freehold bungalow at 11 Whitley Road has been put up for sale via tender at a guide price of $31.88 million. The property is situated on a freehold elevated site of 15,276.27 sq ft. The guide price, therefore, translates to  $2,087 psf on the land area.

The bungalow was rebuilt in 2016, with a rear extension added. The house has five bedrooms, of which three are en suite, with two living rooms, two dining rooms, a big well-equipped kitchen and a helper's room.

The land parcel could be subdivided for the redevelopment of eight terraced houses, with each site ranging from 1,614 sq ft to 2,389 sq ft. The gross floor area (GFA) for the redevelopment could go up to 21,528 sq ft, subject to land betterment charges, says Aric Lim, associate district director of Huttons Asia, the exclusive marketing agent for the property at Whitley Road.

Read also: Majestic bungalow on elevated ground off Meyer Road for sale at $23 mil

"This is probably the largest plot of land along Whitley Road," says Lee Sze Teck, senior director of data analytics at Huttons Asia. He adds that the asking price of $2,087 psf based on land is very competitively priced compared to recent transactions of new semi-detached houses along Whitley Road, which have been sold for more than $3,000 psf.

The property is about 700m from the Novena MRT Station and near malls such as Velocity at Novena Square, Square 2 and United Square as well as Zhongshan Park.

The tender for 11 Whitley Road will close on Feb 12.