A FREEHOLD bungalow plot in plush District 11 expected to fetch more than $38 million was put up for sale by tender yesterday.
That price works out to at least $1,686 per sq ft (psf) for the 22,534 sq ft land parcel, which is in a landed enclave and near the Camden Park and Chee Hoon Avenue Good Class Bungalow (GCB) areas.
The site, at No. 16 Tudor Close, is accessible via Dunearn Road and Kheam Hock Road. It is zoned for a two-storey bungalow under the Master Plan 2008 and has approval for sub-division into four bungalow plots.
"Such a prime site is rare and would appeal to boutique developers and extended families who wish to live close together," said Mr Steven Ming, deputy managing director of marketing agent Savills Singapore.
Overall transacted prices of freehold landed detached homes in the prime District 11 ranged between $1,353 psf and $2,160 psf over the first five months of this year excluding strata units, according to caveats lodged with the Urban Redevelopment Authority (URA).
At Chee Hoon Avenue a few streets away, a 15,188 sq ft bungalow was sold for $22.9 million or $1,508 psf in February.