Freehold Detached House Melrose Drive Sale Tender 168 Mil

The property at 3 Melrose Drive in Braddell Heights Estate is now on the market for public tender at $16.8 million as of Dec 20. Soaring 14,175 sq ft, the detached house is freehold and boasts the largest bungalow plot in the area on Melrose Drive. According to PropNex Singapore, the marketing agent, the indicative price of $1,185 psf was calculated based on the land area.After the Urban Redevelopment Authority’s (URA) Master Plan 2019, the site is zoned for residential use and two-storey bungalows. Tracy Goh, head of capital markets at PropNex, highlights the property’s potential for redevelopment and the possibility of rebuilding it into two detached homes, pending approvals. She also points out that the site has a 40m frontage to Melrose Drive.The property was listed for sale via an expression of interest on Oct 18 of this year. The property consists of two houses: a single-storey bungalow constructed in the mid-1980s and a 2½-storey detached house built in 2013. There is a staircase that connects the two properties. It was originally built as a single-storey dwelling but was acquired by the current owner’s parents in 1988. The current built-up area is around 3,000 sq ft and comprises three bedrooms. A freehold shophouse on Race Course Lane is also available for $8.8 million. The newer 2½-storey house boasts five bedrooms and a built-up area of 6,000 sq ft. The property includes a living and dining space that opens out to a patio, an en suite guest room, a utility space and a helper’s room on the first floor. On the second floor, there are three en suite bedrooms, including a master suite and a family room. There is also a lounge and gym with en suite bathroom available in the attic.Goh remarks that the bungalow is located within a 1km radius of many notable schools, such as CHIJ Our Lady of Good Counsel at Burghley Drive, Kuo Chuan Presbyterian Primary at Bishan Street 13, St Gabriel’s Primary at Lorong Chuan, and Yangzheng Primary at Serangoon Avenue 3.The property is easily accessible via the Lorong Chuan MRT Station on the Circle Line and can be accessed by the Central Expressway (CTE) and the Pan Island Expressway (PIE). It is a short 15-minute drive to Orchard Road and a mere 20-minute drive to the CBD via the CTE.According to Goh, the bungalow presents an excellent opportunity for developers or multi-generational families looking to build a single, large detached home or two houses on the plot. She notes that since the property’s land area is less than 15,069.5 sq ft, Singapore permanent residents who have obtained approval from the Land Dealings Approval Unit (LDAU) to purchase restricted residential property are eligible to acquire the plot comfortably.She adds: “The winning bidder stands to gain tremendously as there will be little to no Land Betterment Charge to be paid due to the high development baseline of the property. In addition, we believe that the property is reasonably priced when compared to the transacted values of other landed properties in the area this year.” The tender will come to an end on Jan 16 next year at 2pm.

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