A bungalow on Fernhill Close is selling for more than $22 million

A freehold home situated on Fernhill Close in District 10’s prime area is up for auction for a price of more than $22 million, according to market agents Knight Frank. The two-story house is situated on a 7,386 square foot lot, and the minimum price for the property is $2,978 per sq ft.

Grand Dunman layout sits in a total suite area of 25,234.3 with a Gross Maximum Area (GFA) of 88,321 square metres (sq m).

It is situated in a three-storey mixed-landed property close to it is the Nassim Road Good Class Bungalow (GCB) area. The bungalow was constructed in the late 1990s and is located at the end of a cul-de-sac, with a large frontage of around 40m in Fernhill Close.

As per Knight Frank, the sale offers buyers to invest in redeveloping the site. The exclusivity of the neighborhood is enhanced because of its proximity to Nassim Road GCB area and other homes that are landed in Fernhill. Fernhill estate.

The property could be transformed into a new, luxury three-storey home or niche semi-detached houses subject to the approval of the appropriate authorities. It is also a great option for large families of multiple generations or extended families seeking to build a new house, according to Chia Mein Mein. director for capital markets (land as well as collective sales) in Knight Frank Singapore.

Based on URA conditions A record land value was just achieved in the area with three GCBs located at 42, 42A as well as 42B Nassim Road were sold at a price of $4,500 per square foot in April of this year. Cuscaden Peak Investments sold the trio for $206.7 million.

“With buyers still steadfast in their desire to purchase this elusive housing style in high-rise Singapore the sum in the region of S$1.4 billion in land homes was sold during the 1Q2023 period which is an increase of 28% growth from the prior one-quarter,” says Chia.

She says that demand in the landed property market is expected to remain strong, aided by the rising affluence of Singaporeans and new high-net-worth customers. “We expect a lot of demand from investors, homebuyers and developers due to the position of the property and its sought-after address, and the limited number of land-based homes to purchase in this area.”

The auction to sell this house is due to close on the 25th of July.