Six semi-detached houses located on a freehold site at Coronation Road West have been sold for S$43.18 million. With a land area of 21,587 sq ft, this works out to S$2,000 psf.
According to Business Times, it is understood that the buyer is a Singaporean in his early 30s and comes from a family in the marine fuel logistics business.
Pulau Properties, owned by the Lee Foundation and the Lee family of OCBC Bank, had reportedly put up two neighbouring sites at Coronation Road in Bukit Timah for sale through Savills via private treaty around August to September this year. Both sites comprise six semi-detached houses, with one of the sites sold for S$43.18 million in November, according to this listing by Savills.
The company had built the 12 houses on both sites and has held them for rental income. Five of the six houses on each plot are currently being rented out.
Subject to authorities’ approval, the 21,587 sq ft site can potentially be redeveloped into six semi-detached houses or five bungalows. The adjacent site has a land area of 15,723 sq ft and can be redeveloped into six semi-detached houses or three bungalows. Both sites are close to the GCB areas of Bin Tong Park and Rebecca Park.
According to the Business Times report, observers highlighted that each site comes with a single title. This means that the six houses can be bought under one name, saving on the Additional Buyer’s Stamp Duty (ABSD) if the buyer does not own any other property.
Looking at our Researcher data, semi-detached houses in Coronation Road has appreciated by 15.64% over the last five years.
Any guesses on who’s the buyer of the semi-detached houses? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, 99.co recommends O.K Lim’s Bukit Timah GCB to be sold for S$33.39 million and Condos and apartments on the fringes of Good Class Bungalow (GCB) Areas (UPDATED).
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Related to the sellers
Douglas Gan
who’s adrian and who’s kellock? @douglas.. do u know something we dont know?? =)