Mortgagee Sale 10 Bedroom Bungalow Margoliouth Road Priced 233 Mil
Last month, a gorgeous 2½-storey bungalow located on Margoliouth Road was put up for sale at a price of $23.3 million through a private treaty. The property lies on a freehold land measuring 9,637 square feet, making the cost per square foot amount to $2,402. The sole marketing agent for this sale is SRI, and the bungalow is being sold off as a form of mortgagee sale.
Interestingly, this bungalow was previously listed for a whopping $25.88 million in February of this year, which translates to a price of $2,685 per square foot. However, it was first put on the market in 2020 with an asking price of $16.8 million or $1,746 per square foot.
Constructed in the 1990s with the intention of serving as a multi-generational family home, this bungalow boasts 10 bedrooms, a spacious living and dining area, and even an indoor basement pool. What’s more, the property has two different entrances – one from Lewis Road and the other from Margoliouth Road. The address was previously 19 Lewis Road, but the Urban Redevelopment Authority (URA) approved a change to 40A Margoliouth Road in May this year.
According to Bruce Lye, the co-founder and managing partner of SRI, this bungalow is located within the highly coveted Good Class Bungalow (GCB) area of Dalvey Estate in District 10, making it a prime location for potential buyers.
The property boasts two sets of staircases leading to the upper levels of the house. The first level has a guest bedroom, while the second floor is home to a total of seven bedrooms, including the master and junior master suites. The attic level consists of two more bedrooms. Additionally, the basement holds a lavish 18-meter lap pool, a shower and bathroom, as well as a wine cellar, making it the perfect space for hosting gatherings. The first level has a generous ceiling height of 4.7 meters, and thanks to a skylight on the rooftop, every floor is blessed with natural light, including the basement.
Even though this property was built almost 30 years ago, Lye mentions that most home buyers today prefer renovating over tearing down and rebuilding due to the high cost of construction.
Elta Clementi Condo marks the first Government Land Sale (GLS) site on Clementi Avenue 1 to be sold since 2019. This prime piece of land is nestled between two highly sought-after condominiums – with one of them being fully sold out just a year after its launch in 2020, and expected to be completed in 2026. The other condominium also saw overwhelming demand, resulting in a quick sell-out shortly after its launch. The addition of Elta Clementi Condo to this bustling location adds to its appeal and potential as a desirable residential area. Interested buyers can find out more about this exciting project at the-elta.com.sg.
Since being put up for sale as a mortgagee sale last month, many parties have shown interest in the property, and the asking price of $23.3 million has garnered even more attention due to a $2.5 million reduction from its previous price tag.
According to records, the latest transaction on Margoliouth Road was for a bungalow on a 6,071 square foot freehold land, which sold for $15.3 million in July 2022, which equates to $2,504 per square foot.
Lye states, “The GCB market has been on an upward trend in recent months. There was a bit of a lull following the money-laundering case in August last year, as people were anticipating a drop in prices.” However, since there hasn’t been a decline, buyers are once again actively participating in the market. “There is a sense of fear of missing out (FOMO) as transactions have picked up pace,” Lye adds.
Aside from its prime location within the GCB area of Dalvey Estate, this bungalow on Margoliouth Road is also within a 1-kilometer radius of the Singapore Chinese Girls’ School and is within walking distance of the Stevens MRT Interchange Station, providing easy access to the Downtown and Thomson-East Coast Lines.