Bungalows in Mountbatten area cross $1,000 psf

The Mountbatten area has seen transactions of landed homes pick up pace in recent months, with a couple of bungalows on Branksome Road, Wilkinson Road and, most recently, Ramsgate Road changing hands at prices above $1,000 psf since the start of the year.

Bungalows in the Mountbatten area are very much sought after,” says William Wong, managing director of RealStar Premier Property, who specialises in bungalow sales in the traditional prime districts of 9, 10 and 11, as well as the Katong/Mountbatten area of District 15. “Unless you want to be in the vicinity of the top schools in the Bukit Timah area, the Mountbatten area is the next best place.” This is because the bungalows in the Mountbatten area have larger land area and are thus farther apart from each other than those in the Bukit Timah area, which has become increasingly congested, adds Wong.

“In fact, the ambience of the bungalow neighbourhood in Katong is as good as that of some of the Good Class Bungalow estates in the prime districts,” he adds. “The Mountbatten area is also just a short drive from the CBD via the ECP [East Coast Parkway expressway], and the proximity to eateries and amenities is also a draw.” Thus, the Mountbatten area is still very popular among successful local entrepreneurs and businessmen. He reckons about 80% of the buyers are Singaporeans, with the rest being permanent residents.

The most recent transaction is for a two- storey corner detached house on Ramsgate Road just off Mountbatten Road, which has a freehold land area of 8,245 sq ft and was sold for $8.3 million, or $1,007 psf, over the March 23 to April 1 period. The previous owner had purchased the property for $3.6 million, or $437 psf, according to an April 2003 caveat lodged with URA. The last time the house changed hands was in September 1996, for $630,000, or $76 psf. The price of $1,007 psf is the highest ever achieved for Ramsgate Road since URA Realis started keeping records in January 1995.

Along Mountbatten Road, two adjacent bungalows, Nos 771 and 769, were sold for $7.5 million, or $877 psf, and $7 million, or $814 psf, respectively, according to two caveats lodged with URA on March 26. The previous owner of the house at No 771, which sits on an 8,557 sq ft freehold site, had purchased it for $6.5 million, or $760 psf, in August 2007, hence a capital gain of about 15%.

Meanwhile, a 6,437 sq ft corner semi-detached house at the intersection of Parkstone and Boscombe Roads, off Tanjong Katong Road, was recently sold for $4.9 million, or $761 psf.

RealStar’s Wong is said to have brokered about 40% of the transactions of landed homes in the Mountbatten- Katong neighbourhood. RealStar also brokered the recent sale of the bungalow at 119 Branksome Road, which has a land area of 6,222 sq ft and was sold for $6.5 million, or $1,045 psf, according to a caveat lodged in March. Another deal was 2 Branksome Road, which has a land area of 11,044 sq ft and changed hands for $8.38 million, or $850 psf, in January. That month, RealStar also brokered the sale of a bungalow at 51 Bournemouth Road, with a land area of 9,365 sq ft and which was sold for $9.38 million, or $1,002 psf. “The asking price of Mountbatten Road bungalows is easily $1,200 psf today,” says Wong.

The neighbouring Joo Chiat area has also seen several landed houses change hands recently. For instance, a semi-detached house on Duku Road was sold for $3.38 million, or $880 psf. The house, with a land area of 3,843 sq ft, last changed hands just last August for $2.6 million, or $677 psf, a capital gain of 30% in less than a year. Prior to that, the property was sold in May 1999 for $1.5 million, or $390 psf, which translates into a gain of 73% in almost a decade.

A 2,034 sq ft terrace house in Joo Chiat Place recently changed hands for $1.648 million, or $810 psf. A semi-detached house on Joo Chiat Terrace with a land area of 3,025 sq ft was sold for $2.15 million, or $710 psf. This is the third time the semi-detached house at Joo Chiat Terrace has changed hands. Just two years ago, according to an August 2008 caveat with URA, it changed hands for $1.78 million, or $588 psf. And, 12 years earlier, it was sold for $1.655 million, or $546 psf, according to an August 1996 caveat.

Other parts of East Coast are also seeing an increase in activity in landed homes. Located just off East Coast Road is Fowlie Road, where a terraced house with a 1,518 sq ft plot was recently sold for $1.22 million, or $804 psf. Meanwhile, a slightly larger terraced house with a land area of 1,894 sq ft on Sea Avenue, a short distance away, was sold for $1.8 million, or $949 psf.

Source : The Edge – 19 Apr 2010
Singapore Property