Press Release

May 02, 2023

Four Freehold Strata Bungalows In Vanda Crescent To Be Put Up For Private Treaty Sale For A Guide Price Of $33 Million

 02 May 2023, SINGAPORE – PropNex Realty, the largest real estate agency in Singapore will be launching four freehold strata bungalows in Vanda Crescent for sale via private treaty for an indicative price of $33 million on 03 May 2023. The properties – which are owned by a single owner - are located in the prime Bukit Timah area, near the prestigious Eng Neo Avenue Good Class Bungalow Area (GCBA) and Raffles Park GCBA.

The four bungalows in District 11 sit on a site spanning 12,264 sq ft and have a combined built-up area of 19,353 sq ft. The guide price of $33 million translates to a unit price of $2,690 psf based on the land area. The four properties were built in 2009 and the owner is planning to sell them jointly.

Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “This is a rare opportunity for a buyer to acquire four freehold strata bungalows that are nestled within an exclusive private landed residential enclave, near the Eng Neo Avenue and Raffles Park GCBAs. Each bungalow has 5 en-suite bedrooms and its own lap pool, and they share a common compound with lush greenery. In addition, the spacious basement level in each property also provides space for an entertainment room. This portfolio of bungalows is particularly suited for multi-generation families who wish to live together, yet have their own space and privacy.”

Landed homes in Vanda Crescent are tightly-held. Since 2010, there have been just 14 resale transactions at the locale, including that of a nearby bungalow that was sold for $21.5 million ($2,431 psf on land area) in September 2022.

Ms Goh added, “In land scarce Singapore, freehold landed homes are often seen as a safe haven asset as they are able to retain and grow their value over time, as well as hedge against inflation risk. Overall landed home prices have been rising for five consecutive years since 2018, with healthy price growth of 9.6% in 2022 and 13.3% in 2021, as per the URA property price index. In Q1 2023, landed home prices kept up with the growth momentum, climbing by 5.9% QOQ. We expect the limited supply of landed homes in Singapore will continue to support prices amid stable demand for such properties.

“The recent tightening of the Additional Buyer’s Stamp Duty (ABSD) measure which took effect on 27 April 2023 is not expected to affect this private treaty sale as foreigners are not permitted to acquire landed homes on mainland Singapore. In addition, the four bungalows will be sold under a single title, and will not attract ABSD if the purchaser is a Singapore citizen and a first-time residential property buyer,” Ms Goh noted.

The four strata bungalows are situated about 500 metres from the Sixth Avenue MRT station on the Downtown Line and is well-served by main roads, such as Dunearn Road and the Pan-Island Expressway. Schools nearby include Raffles Girls’ Primary School, Methodist Girls’ School (Primary), Nanyang Primary School, Nanyang Girls’ High School, National Junior College, and Hwa Chong Institution.

Currently, the four bungalows are rented out and will be jointly sold with tenancies. Interested parties are to contact the PropNex Investment and Collective Sales team for enquiries.

END

Vanda Crescent strata bungalows for sale (exterior) | Source: PropNex

Vanda Crescent strata bungalows for sale (interior) | Source: PropNex

Vanda Crescent strata bungalows for sale (interior) | Source: PropNex

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