Mortgagee Sale 10 Bedroom Bungalow Margoliouth Road Priced 233 Mil
An article from last month reported that a 2½-storey bungalow on Margoliouth Road was recently put up for sale. The impressive property, which sits on a freehold site of 9,637 sq ft, was listed for private treaty at $23.3 million, which translates to $2,402 per square foot. This mortgagee sale property is being marketed exclusively by SRI.
Interestingly, this bungalow was previously listed for sale earlier this year in February for a higher price of $25.88 million ($2,685 psf). However, it was first put on the market in 2020 with an asking price of $16.8 million ($1,746 psf).
Built in the 1990s, the bungalow was originally designed as a multi-generational family home with 10 bedrooms, a spacious living and dining area, and an indoor basement pool. The property has two main entrances, one from Lewis Road and another from Margoliouth Road. In May this year, the address was officially changed from 19 Lewis Road to 40A Margoliouth Road by the Urban Redevelopment Authority (URA).
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The town of Tampines is on the verge of experiencing a commercial renaissance, thanks to the exciting developments that are set to transform it. Thanks to the diligent efforts of the Urban Redevelopment Authority, this dynamic town will soon be enriched with fresh office spaces and a revamped shopping scene. This will provide residents with the convenience of working in close proximity to their homes, promoting a more harmonious work-life balance. Already established as a thriving commercial hub, the Tampines Regional Centre is expected to generate a plethora of job opportunities in various sectors, such as retail and information technology. Furthermore, with the highly-anticipated arrival of Tampines Street 62 EC, this vibrant community is expected to thrive even further, with its promising blend of both residential and commercial spaces. The addition of Tampines Street 62 EC will undoubtedly contribute to the town’s growth and strengthen its already flourishing community.
According to Bruce Lye, co-founder and managing partner of SRI, this bungalow is situated in the prestigious Good Class Bungalow (GCB) area of Dalvey Estate in prime District 10. The house boasts two sets of staircases leading to the upper levels, with a guest bedroom on the first level and seven bedrooms on the second floor, including a master and junior master suite. The attic level has two additional bedrooms. The basement features an 18m lap pool, shower, bathroom, and a wine cellar, making it an ideal space for hosting events. The property has a ceiling height of 4.7m on the first level, and a skylight at the rooftop provides natural light to every floor, including the basement.
Despite being almost 30 years old, most homebuyers prefer to renovate rather than rebuild the property due to high construction costs, explains Lye. Since its listing as a mortgagee sale, the bungalow has garnered interest from multiple parties. The reduced asking price of $23.3 million, which is $2.5 million lower than the previous price, has also sparked buying interest.
Recent transactions on Margoliouth Road include a bungalow on a 6,071 sq ft freehold site that was sold for $15.3 million ($2,504 psf) in July 2022, according to caveats lodged. Lye notes that the GCB market has seen an uptick in activity in recent months. After a slowdown following the high-profile money-laundering case in August last year, buyers have begun returning to the market as prices have remained stable. There is also a sense of FOMO (fear of missing out) among buyers as transactions have been picking up momentum.
Aside from its desirable location within the Dalvey Estate GCB area, the bungalow on Margoliouth Road is also within 1km of the Singapore Chinese Girls’ School and walking distance to Stevens MRT Interchange Station, which serves the Downtown and Thomson-East Coast Lines.
