Transactions of landed homes in the Mountbatten area have been picking up in recent months, with a couple of bungalows on Wilkinson Road, Branksome Road and, most recently, Ramsgate Road changing hands at prices above $1,000 psf since the start of 2010.
“Bungalows in the Mountbatten area are very much sought after,” says Mr. William Wong, managing director of RealStar Premier Property, who specializes in bungalow sales in the Katong/Mountbatten area of District 15, as well as in the traditional prime districts of 9, 10 and 11. “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 attributed to the bigger land area of bungalows in the Mountbatten area, and that they are built farther apart from each other than those in the Bukit Timah area, which has become increasingly congested, added by Mr. 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 said. “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 businessmen and entrepreneurs. Mr. Wong reckons that Singaporeans account for about 80 percent of the buyers, 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 went for $8.3 million, or $1,007 psf, over the March 23 to April 1 period.
According to a caveat lodged with URA in April 2003, the previous owner had purchased the property for $3.6 million, or $437 psf. The last time the house changed hands was in September 1996, for $630,000, or $76 psf. The highest price ever achieved for Ramsgate Road since URA Realis started recording in January 1995 was $1,007 psf.
Based on two caveats lodged with URA on March 26, two adjacent bungalows, Nos 771 and 769 along Mountbatten Road were sold for $7.5 million, or $877 psf, and $7 million, or $814 psf, respectively. In August 2007, the previous owner of the house at No 771, which is located on an 8,557-sq-ft freehold site, bought it for $6.5 million, or $760 psf, obtaining a capital gain of about 15 percent.
Meanwhile, a 6,437-sq-ft corner semi-detached house at the intersection of Boscombe and Parkstone Roads, just off Tanjong Katong Road, was recently sold for $4.9 million, or $761 psf.
RealStar’s Wong is believed to have brokered around 40 percent of the transactions of landed homes in the Mountbatten-Katong neighbourhood. 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, was also brokered by RealStar, according to a caveat lodged in March. Another deal was an 11,044-sq-ft site along 2 Branksome Road, which went for $8.38 million, or $850 psf, in January. That month, RealStar also brokered the sale of a 9,365-sq-ft bungalow at 51 Bournemouth Road, which changed hands for $9.38 million, or $1,002 psf. “The asking price of Mountbatten Road bungalows is easily $1,200 psf today,” said Mr. Wong.