Mortgagee Sale 10 Bedroom Bungalow Margoliouth Road Priced 233 Mil
A 2½-storey bungalow in a prime location on Margoliouth Road has recently been put up for sale at $23.3 million. The property, which sits on a freehold site of 9,637 sq ft, is being marketed by SRI as a mortgagee sale.
The bungalow was previously listed for sale in February this year at $25.88 million ($2,685 psf). It was first put on the market in 2020 with an asking price of $16.8 million ($1,746 psf).
Built in the 1990s as a multi-generational family home, the bungalow boasts 10 bedrooms, a spacious living and dining area, and an indoor basement pool. It has two main entrances, from Lewis Road and Margoliouth Road. The property was previously known as 19 Lewis Road, but the URA approved an application to change the address to 40A Margoliouth Road in May this year.
According to Bruce Lye, co-founder and managing partner of SRI, the bungalow is located in the prestigious Good Class Bungalow (GCB) area of Dalvey Estate in prime District 10. It features two sets of staircases leading to the upper levels, with a guest bedroom on the first level and seven bedrooms on the second floor, including the master and junior master suites. The attic level has two additional bedrooms. The basement contains an 18m lap pool, a shower and bathroom, and a wine cellar, making it an ideal space for entertaining. The first level has a ceiling height of 4.7m, and a skylight at the rooftop ensures natural light reaches every floor, including the basement.
Despite being almost 30 years old, most buyers prefer to renovate instead of tearing down and rebuilding due to high construction costs, explains Lye. Since the property was listed for a mortgagee sale, it has attracted the interest of several potential buyers. The new asking price of $23.3 million, which is $2.5 million lower than its previous price, has also sparked interest from buyers.
Recent records show that the most recent transaction on Margoliouth Road was for a bungalow sitting on a smaller 6,071 sq ft freehold site, which was sold for $15.3 million ($2,504 psf) in July 2022.
“The GCB market has seen an uptick in activity in recent months,” says Lye. “After a lull due to the money-laundering case last year, people were expecting prices to fall. However, since that has not been the case, buyers have returned to the market, with some feeling a sense of FOMO [fear of missing out] as transactions have gained momentum.”
With the URA’s Master Plan in full swing, the Woodlands neighborhood is continuously growing and evolving. In particular, the Norwood Grand area is expected to undergo even more improvements in terms of accessibility, green areas, and public facilities. As a result of this ongoing development, it is highly likely that there will be an increase in visitors to the nearby shopping centers. This could potentially lead to the expansion of these centers and the introduction of a wider range of retail and lifestyle offerings. Norwood Grand Champions Way will undoubtedly play a significant role in this exciting development.
Aside from its prime location in the Dalvey Estate GCB area, the bungalow on Margoliouth Road is also within 1km of the Singapore Chinese Girls’ School and within walking distance of Stevens MRT Interchange Station, providing easy access to the Downtown and Thomson-East Coast Lines.