A freehold bungalow located in the Chestnut Avenue Good Class Bungalow Area was sold for $5.24 million at a property auction last week.
With a starting price of $4.5 million, the property at 5 Chestnut Close received a total of 16 bids. The sale price works out to approximately $874 psf based on a land area of 5,998 sq ft. It was acquired by a Singaporean buyer who is expected to redevelop the property.
The part one/part two storey bungalow was sold on Oct 20 at a Colliers International auction by the trustee of an estate.