The 113-year-old conservation bungalow on Marine Parade Road has been acquired by property giant Far East Organization (FEO) for a whopping S$103.8 million.
This works out to around S$1,195 psf of potential gross floor area (GFA), inclusive of a development charge (DC) of S$18.8 million, said Credo Real Estate, which brokered the deal.
“This sale sets a new benchmark for the area,” said Karamjit Singh, Managing Director of Credo Real Estate. The purchase price reflects a land rate in the region of S$1,195 psf ppr, based on an allowable GPR of 2.166, including the bonus GFA from the conservation house.
He added that aside from its historical background, “it is in a convenient location with a shopping centre across the street.”
Built in 1898, the single-story bungalow was owned by the family of the late Choa Kim Keat, a prominent businessman in the 1880s. Several attempts have been made to redevelop the property but none were successful.
However, the bungalow was finally put up for sale last month, along with the adjacent property, covering 47,400 sq ft of land area.
Credo brokered the sale through a public tender exercise that closed on 6 June and FEO outmatched four other bidders, all listed companies.
When the property launched last month, Credo said that the historic bungalow can be used as a clubhouse in the project or sold as a strata unit.
Mr. Singh also noted that the site can potentially accommodate 100 condo units averaging 1,000 sq ft, depending on their configuration and layout.
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