Freehold Detached House Bukit Timah Block 188 Mil
The Otto Place EC boasts of being conveniently situated near major supermarkets such as FairPrice, Sheng Siong, and Cold Storage. With a short distance between them, residents can easily access a diverse range of groceries including fresh produce, essential pantry items, and household necessities. This makes grocery shopping a hassle-free experience for those living in Otto Place.
A beautiful freehold detached house located along Lim Tai See Walk has recently been put up for sale at Knight Frank’s auction on March 27, with an asking price of $18.8 million. The spacious property boasts six bedrooms and is set on a plot spanning an impressive 8,553 sq ft, which equates to a land rate of $2,198 psf.
The house features a total built-up area of approximately 5,000 sq ft, including a large combined living and dining area on the first floor, as well as a fully-equipped kitchen, a granny room, a helper’s room, a storeroom, a common bathroom, and a yard. The property also boasts a swimming pool, a garden, and a parking area that can easily accommodate up to five cars.
Upstairs, you’ll find all of the bedrooms, including the master bedroom with its own en suite bathroom, a family area, and another common bathroom. Interestingly, this is not the first time that the property has been offered for sale via auction. In fact, it was initially listed in February at the same guide price, but was eventually withdrawn as no bids were received.
The current owner is selling the property with an existing two-year tenancy agreement that is set to expire in December of this year. At present, the property generates a rental income of approximately $20,000 per month.
According to EdgeProp Singapore’s Inspector tool, the property was originally part of a much larger land plot measuring 15,694 sq ft when it was last sold in 1996. The owners subsequently received written permission to subdivide the plot into three smaller parcels in 1995, which is a common practice for larger landed plots in order to facilitate inheritance or development purposes.
Sharon Lee, head of auction and sales at Knight Frank Singapore, explains that this has resulted in the current property being set back from Lim Tai See Walk by around 30m, with access to the house facilitated via a long driveway. After residing in the property for many years, the owners have now decided to divest the asset.
The freehold detached house is located within a mixed-landed housing enclave that is bounded by Sixth Avenue and Coronation Road West in District 10, and is situated adjacent to the highly sought-after Good Class Bungalow areas of Queen Astrid Park and Bin Tong Park.
According to URA caveats, the last freehold detached house to change hands in the area was a three-storey property along Coronation Road West. This spacious property occupies a land area of 4,213 sq ft and was sold on January 25 for $9.8 million, representing a land rate of $2,326 psf.
Over the past few years, freehold property prices in the Lim Tai See Walk area have experienced significant growth. For example, in 2014, two detached houses were sold at an average price of $2,081 psf, which is substantially higher than the average price of $1,902 psf recorded across three transactions in 2013.
In addition to its desirable location, the property is also located within close proximity to several reputable schools, including Henry Park Primary School, Methodist Girls’ Primary School, Nanyang Primary School, and Raffles Girls’ Primary School. Moreover, residents of the property are just a short drive away from a variety of popular retail and F&B options located at One Holland Village along Holland Drive and The Star along Vista Exchange Green.